Trenton, New Jersey Property Taxes
The median property tax rate in Trenton, NJ is 3.25%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Trenton, the typical annual property tax bill reaches $5,078, exceeding the national median of $2,690. Property taxes in Trenton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Trenton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Trenton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Trenton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.25%
Estimate Property Tax Bill
$4,576
$4,246
Ownwell’s Trenton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trenton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trenton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Trenton, New Jersey
Property taxes in Trenton, New Jersey, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trenton is 3.25%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Trenton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trenton estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Trenton's effective property tax rate to other areas in Mercer County and the national median. For comparison, the 08648 zip code has the highest median property tax rate of 5.46%, while the 08690 zip code has the lowest median tax rate of 3.25%. Understanding how these areas compare with Trenton provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Trenton Tax Rate
3.25%
Average Mercer County Tax Rate
3.25%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trenton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08608 | 5.46% | 5.46% | 5.46% | 5.46% | 5.46% |
| 08609 | 3.25% | 3.25% | 5.46% | 5.46% | 5.46% |
| 08610 | 3.25% | 3.25% | 3.25% | 3.25% | 5.46% |
| 08611 | 5.46% | 5.46% | 5.46% | 5.46% | 5.46% |
| 08618 | 5.46% | 5.46% | 5.46% | 5.46% | 5.46% |
| 08619 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08620 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08628 | 3.60% | 3.60% | 3.60% | 3.60% | 3.60% |
| 08629 | 3.25% | 3.25% | 5.46% | 5.46% | 5.46% |
| 08638 | 5.46% | 5.46% | 5.46% | 5.46% | 5.46% |
| 08641 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08648 | 5.46% | 5.46% | 5.46% | 5.46% | 5.46% |
| 08690 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Trenton, New Jersey
In Trenton, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Mercer County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Trenton, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in the area is $140,800, with tax bills ranging from $3,069 at the 25th percentile to $9,346 at the 90th percentile. The highest median tax bill is $9,768 in the 08628 zip code, while the lowest is $2,276 in the 08638 zip code. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Trenton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Trenton Assessed Value
$140,800
Average Mercer County Assessed Value
$216,500
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Trenton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08608 | $27,460 | $29,200 | $57,800 | $82,000 | $115,320 |
| 08609 | $28,100 | $35,800 | $53,900 | $81,300 | $120,400 |
| 08610 | $66,900 | $119,900 | $159,500 | $200,200 | $240,100 |
| 08611 | $35,300 | $42,200 | $51,500 | $66,300 | $100,900 |
| 08618 | $36,400 | $48,200 | $63,800 | $102,875 | $165,200 |
| 08619 | $140,800 | $176,375 | $214,550 | $265,200 | $313,500 |
| 08620 | $180,500 | $201,500 | $226,000 | $272,400 | $379,720 |
| 08628 | $63,940 | $119,050 | $271,550 | $5,596,325 | $21,268,590 |
| 08629 | $44,780 | $57,200 | $81,000 | $114,600 | $146,700 |
| 08638 | $23,600 | $28,300 | $42,000 | $61,050 | $94,700 |
| 08641 | $189,190 | $189,925 | $191,150 | $192,375 | $193,110 |
| 08648 | $67,820 | $68,750 | $70,300 | $71,850 | $72,780 |
| 08690 | $193,700 | $213,500 | $247,750 | $315,000 | $374,110 |
Source: Ownwell
Property Tax Bills Across Trenton, New Jersey
In Trenton, Mercer County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Trenton face a median property tax rate higher than the national average of 0.99%. For instance, the median home price in Trenton is $140,800, leading to varied tax bills. The 25th percentile tax bill is around $3,069, while the 75th percentile reaches $7,276. The highest median tax bill in the area can go up to $9,768 in zip code 08628, while the lowest median tax bill is $2,276 in zip code 08638. These taxes significantly impact homeowners, influencing their monthly housing costs and overall financial planning.
Average Trenton Tax Bill
$5,078
Average Mercer County Tax Bill
$7,200
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Trenton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08608 | $1,499 | $1,594 | $3,155 | $4,476 | $5,948 |
| 08609 | $1,506 | $1,828 | $2,571 | $3,769 | $5,010 |
| 08610 | $3,170 | $4,145 | $5,250 | $6,531 | $7,810 |
| 08611 | $1,921 | $2,298 | $2,794 | $3,575 | $5,201 |
| 08618 | $1,977 | $2,631 | $3,471 | $5,429 | $7,807 |
| 08619 | $4,577 | $5,732 | $6,973 | $8,619 | $10,190 |
| 08620 | $5,868 | $6,551 | $7,347 | $8,856 | $12,345 |
| 08628 | $2,300 | $4,282 | $9,768 | $201,300 | $765,031 |
| 08629 | $2,402 | $2,963 | $3,703 | $4,628 | $5,577 |
| 08638 | $1,288 | $1,545 | $2,276 | $3,261 | $5,000 |
| 08641 | $6,151 | $6,174 | $6,214 | $6,254 | $6,278 |
| 08648 | $3,702 | $3,752 | $3,837 | $3,922 | $3,972 |
| 08690 | $6,297 | $6,942 | $8,053 | $10,202 | $12,134 |
Source: Ownwell