Edison, New Jersey Property Taxes
The median property tax rate in Edison, NJ is 2.97%, 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 Edison, the typical annual property tax bill reaches $6,431, exceeding the national median of $2,690. Property taxes in Edison 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 Edison'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 Edison 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
Edison, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$4,779
$4,435
Ownwell’s Edison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edison 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 Edison, New Jersey
Property taxes in Edison, 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 Edison is 2.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within Edison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edison 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 Edison's effective property tax rate to other areas in Middlesex County and the national median. For comparison, the 08820 zip code has the highest median property tax rate of 5.23%, while the 08817 zip code has the lowest median tax rate of 2.97%. Understanding how these areas compare with Edison 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 Edison Tax Rate
2.97%
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 Edison, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08817 | 2.86% | 2.97% | 2.97% | 5.39% | 5.92% |
| 08820 | 2.86% | 2.90% | 5.23% | 5.71% | 5.92% |
| 08837 | 2.86% | 2.97% | 2.97% | 5.71% | 5.92% |
Source: Ownwell
Property Tax Assessment Values Across Edison, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Edison, NJ. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Edison, 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 Edison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Edison is $8,494 in the 08820 zip code, while the lowest is $4,686 in the 08817 zip code.
Average Edison Assessed Value
$160,900
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 Edison, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08817 | $91,500 | $115,100 | $134,700 | $162,400 | $202,700 |
| 08820 | $138,800 | $165,875 | $212,600 | $264,100 | $356,810 |
| 08837 | $83,800 | $114,400 | $143,500 | $182,200 | $213,520 |
Source: Ownwell
Property Tax Bills Across Edison, New Jersey
In Edison, located in Middlesex County, NJ, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the local tax assessor and ideally reflects the market value of the property. Various factors influence this assessed value, including the property's location, size, and condition. For homeowners in Edison, the property tax burden can vary widely. For instance, the median home price stands at $160,900, and tax bills can range significantly. The 25th percentile of tax bills is around $4,288, while the 75th percentile reaches up to $9,188. At the 90th percentile, tax bills can soar to $13,112. Certain ZIP codes experience even higher median tax bills, such as $8,494 in 08820, while others like 08817 see lower median bills at $4,686. These tax bills can significantly impact homeowners, making it crucial for them to understand how their property is assessed and what exemptions or appeals might be available to reduce their tax burden.
Average Edison Tax Bill
$6,431
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 Edison, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08817 | $2,846 | $3,669 | $4,686 | $6,677 | $8,730 |
| 08820 | $5,163 | $6,579 | $8,494 | $11,992 | $17,149 |
| 08837 | $2,541 | $3,587 | $4,734 | $8,021 | $11,473 |
Source: Ownwell