Port Reading, New Jersey Property Taxes
The median property tax rate in Port Reading, NJ is 12.62%, 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 Port Reading at $75,700, the typical annual property tax bill reaches $9,161, far exceeding the national median of $2,690. Property taxes in Port Reading 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 Port Reading'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 Port Reading 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
Port Reading, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
12.62%
Estimate Property Tax Bill
$9,553
Ownwell’s PORT READING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PORT READING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PORT READING 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 Port Reading, New Jersey
Property taxes in Port Reading, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Reading is 12.62%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Port Reading set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Reading 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 Port Reading's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07064 zip code has the highest median property tax rate of 12.62%, while the same 07064 zip code also has the lowest median tax rate of 12.62%. Understanding how these cities compare with Port Reading 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 Port Reading Tax Rate
12.62%
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 Port Reading, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07064 | 11.16% | 11.89% | 12.62% | 12.62% | 12.62% |
Source: Ownwell
Property Tax Assessment Values Across Port Reading, New Jersey
In Port Reading, 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 Port Reading, 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 Port Reading helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Port Reading is $75,700, with tax bills ranging significantly. For instance, the highest median tax bill is $9,161 in the 07064 zip code, which is also the lowest median tax bill for the area.
Property Tax Assessment Values Across Port Reading, New Jersey
Source: Ownwell
$66,600
$322,300
$578,000
Average Port Reading Assessed Value
$75,700
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 Port Reading, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07064 | $58,060 | $66,100 | $75,700 | $86,800 | $95,640 |
Source: Ownwell
Property Tax Bills Across Port Reading, New Jersey
In Port Reading, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Middlesex County. The median home price in Port Reading is $75,700, and the property tax rate is significantly higher than the national median of 0.99%. Factors considered in determining the tax bill include the home's assessed value, local government budgets, and specific municipal needs. Homeowners in Port Reading can expect to pay a median property tax bill of $9,161, which is notably higher than the national average. This higher tax rate can have a substantial impact on homeowners, potentially affecting their overall cost of living and financial planning. For instance, those at the 25th percentile pay around $7,960, while those at the 75th percentile face bills of up to $10,672. At the 90th percentile, tax bills can reach $11,795. These figures illustrate the significant financial commitment required from homeowners in this area.
Average Port Reading Tax Bill
$9,161
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 Port Reading, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07064 | $6,633 | $7,960 | $9,161 | $10,672 | $11,795 |
Source: Ownwell