Highland Park, New Jersey Property Taxes
The median property tax rate in Highland Park, NJ is 8.52%, 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 Highland Park, the typical annual property tax bill reaches $11,549, far exceeding the national median of $2,690. Property taxes in Highland Park 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 Highland Park'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 Highland Park 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
Highland Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
8.52%
Estimate Property Tax Bill
$11,919
Ownwell’s Highland Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highland Park 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 Highland Park, New Jersey
Property taxes in Highland Park, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highland Park is 8.52%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Highland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highland Park 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 Highland Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08904 has the highest median property tax rate of 8.52%, while the lowest median tax rate in the same zip code is also 8.52%. Understanding how these cities compare with Highland Park 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 Highland Park Tax Rate
8.52%
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 Highland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08904 | 6.95% | 8.52% | 8.52% | 8.52% | 8.52% |
Source: Ownwell
Property Tax Assessment Values Across Highland Park, New Jersey
In Highland Park, 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 Highland Park, 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 Highland Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both recorded at $11,549 in the 08904 zip code.
Property Tax Assessment Values Across Highland Park, New Jersey
Source: Ownwell
$66,600
$322,300
$578,000
Average Highland Park Assessed Value
$139,900
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 Highland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08904 | $90,800 | $112,500 | $139,900 | $169,400 | $207,360 |
Source: Ownwell
Property Tax Bills Across Highland Park, New Jersey
In Highland Park, Middlesex 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 local tax assessor and is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Highland Park face property tax bills that vary significantly. For instance, the tax bill at the 25th percentile is $8,895, while at the 75th percentile, it rises to $14,199. The highest median tax bill in the area is $11,549, which is notably higher than the national median property tax rate of 0.99%. These high property taxes can have a significant impact on homeowners, influencing their financial planning and overall cost of living. For some, the high tax bills may deter potential buyers, while for others, they reflect the value and quality of local services and amenities.
Average Highland Park Tax Bill
$11,549
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 Highland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08904 | $6,552 | $8,895 | $11,549 | $14,199 | $17,472 |
Source: Ownwell