Colonia, New Jersey Property Taxes
The median property tax rate in Colonia, NJ is 11.53%, 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 Colonia, the typical annual property tax bill reaches $9,651, exceeding the national median of $2,690. Property taxes in Colonia 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 Colonia'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 Colonia 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
Colonia, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
11.53%
Estimate Property Tax Bill
$9,927
$9,212
Ownwell’s Colonia Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Colonia. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Colonia to provide an accurate estimate of your property tax bill. This valuable insight helps you understand your potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by Middlesex County for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Colonia, New Jersey
Property taxes in Colonia, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colonia is 11.53%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Colonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colonia 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 Colonia's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07067 zip code has the highest median property tax rate of 11.53%, while the same zip code also has the lowest median tax rate of 11.53%. Understanding how these cities compare with Colonia provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colonia Tax Rate
11.53%
Average Middlesex County Tax Rate
5.10%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colonia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07067 | 10.24% | 11.21% | 11.53% | 11.54% | 11.54% |
Source: Ownwell
Property Tax Assessment Values Across Colonia, New Jersey
In Colonia, 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 Middlesex County Appraisal District 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 Colonia, 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. 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 Colonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Colonia is $86,100, with tax bills ranging from $8,549 at the 25th percentile to $15,460 at the 90th percentile. The zip code 07067 has both the highest and lowest median tax bill of $9,651.
Average Colonia Assessed Value
$86,100
Average Middlesex County Assessed Value
$158,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colonia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07067 | $70,900 | $77,500 | $86,100 | $103,900 | $137,100 |
Source: Ownwell
Property Tax Bills Across Colonia, New Jersey
Property tax bills in Colonia, Middlesex County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value determined by the local tax assessor. Homeowners in Colonia can expect their tax bills to vary significantly, with the 25th percentile at $8,549 and the 75th percentile reaching $11,694. The highest median tax bill in the area is $9,651, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made. These taxes fund essential local services such as schools, public safety, and infrastructure maintenance. For homeowners, this means a direct impact on their annual budgeting and long-term financial planning. High property taxes can also affect property values, making it crucial for homeowners to stay informed and consider potential tax liabilities when purchasing or renovating a home.
Average Colonia Tax Bill
$9,651
Average Middlesex County Tax Bill
$7,840
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Colonia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07067 | $7,457 | $8,549 | $9,651 | $11,694 | $15,460 |
Source: Ownwell