Woodbridge, New Jersey Property Taxes
The median property tax rate in Woodbridge, NJ is 12.40%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Woodbridge at $66,800, the typical annual property tax bill reaches $8,008, far exceeding the national median of $2,690. Property taxes in Woodbridge are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Woodbridge'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 Woodbridge 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
Woodbridge, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
12.4%
Estimate Property Tax Bill
$8,283
$7,687
Ownwell’s Woodbridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodbridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodbridge 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 Woodbridge, New Jersey
Property taxes in Woodbridge, 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 Woodbridge is 12.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Woodbridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodbridge 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 Woodbridge's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07095 zip code has the highest median property tax rate of 12.40%, while the same zip code also has the lowest median tax rate of 12.40%. Understanding how these cities compare with Woodbridge 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 Woodbridge Tax Rate
12.40%
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 Woodbridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07095 | 10.84% | 11.49% | 12.40% | 12.40% | 12.40% |
Source: Ownwell
Property Tax Assessment Values Across Woodbridge, New Jersey
In Woodbridge, 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 Woodbridge, 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 highest median tax bill in Woodbridge is $8,008 in the 07095 zip code, while the lowest median tax bill is also $8,008 in the same 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 Woodbridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woodbridge Assessed Value
$66,800
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 Woodbridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07095 | $42,000 | $51,200 | $66,800 | $80,300 | $95,100 |
Source: Ownwell
Property Tax Bills Across Woodbridge, New Jersey
In Woodbridge, 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 intended to represent the property's market value. Once the assessed value is established, it is multiplied by the tax rate set by Middlesex County to determine the annual property tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the median home price in Woodbridge is $66,800. Homeowners in the 25th percentile can expect a tax bill around $5,744, whereas those in the 75th percentile might see bills as high as $9,672. The highest median tax bill in the 07095 zip code is $8,008, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills can substantially impact homeowners, affecting monthly mortgage payments and overall housing affordability. Understanding these factors can help homeowners better anticipate and manage their annual tax obligations.
Average Woodbridge Tax Bill
$8,008
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 Woodbridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07095 | $4,870 | $5,744 | $8,008 | $9,672 | $11,615 |
Source: Ownwell