Chester, New Jersey Property Taxes
The median property tax rate in Chester, NJ is 2.41%, 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 Chester at $565,600, the typical annual property tax bill reaches $13,955, exceeding the national median of $2,690. Property taxes in Chester 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 Chester'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 Chester or another part of Morris County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chester, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$13,631
$12,649
Ownwell’s Chester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chester 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 Chester, New Jersey
Property taxes in Chester, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chester is 2.41%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Chester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chester 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 Chester's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07930 zip code has both the highest and lowest median property tax rate of 2.41%. Understanding how these cities compare with Chester provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chester Tax Rate
2.41%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chester, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07930 | 2.31% | 2.40% | 2.40% | 2.41% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Chester, New Jersey
In Chester, 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 Morris 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 Chester, 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 Chester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 07930, with a tax bill of $13,955, which is also the lowest median tax bill in the area.
Average Chester Assessed Value
$565,600
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chester, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07930 | $340,020 | $437,500 | $565,600 | $780,025 | $977,450 |
Source: Ownwell
Property Tax Bills Across Chester, New Jersey
In Chester, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Morris County. The assessed value is determined by the local assessor's office and is meant to reflect the market value of the property. Homeowners in Chester face property tax bills that can vary significantly, with the 25th percentile at $10,463 and the 75th percentile reaching $18,888. The 90th percentile tax bill can go up to $23,586, indicating a wide range of property values and tax burdens. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. Chester's property tax rate is notably higher than the national median rate of 0.99%, contributing to higher tax bills. For instance, the median home price in Chester is $565,600, leading to substantial tax obligations for homeowners. This financial burden can significantly impact household budgets, making it essential for homeowners to understand and manage their property tax liabilities effectively.
Average Chester Tax Bill
$13,955
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Chester, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07930 | $8,308 | $10,463 | $13,955 | $18,888 | $23,586 |
Source: Ownwell