Millington, New Jersey Property Taxes
The median property tax rate in Millington, NJ is 2.24%, 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 Millington at $562,150, the typical annual property tax bill reaches $12,438, far exceeding the national median of $2,690. Property taxes in Millington 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 Millington'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 Millington 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
Millington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$12,592
$11,685
Ownwell’s Millington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millington 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 Millington, New Jersey
Property taxes in Millington, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millington is 2.24%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Millington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millington 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 Millington's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07946 zip code has the highest median property tax rate of 2.24%, while the 07946 zip code also has the lowest median tax rate of 2.24%. Understanding how these cities compare with Millington 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 Millington Tax Rate
2.24%
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 Millington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07946 | 2.05% | 2.16% | 2.24% | 2.30% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Millington, New Jersey
In Millington, 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 Millington, 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 Millington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Millington are both $12,438 in the 07946 zip code.
Property Tax Assessment Values Across Millington, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Millington Assessed Value
$562,150
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 Millington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07946 | $415,200 | $475,400 | $562,150 | $720,500 | $842,170 |
Source: Ownwell
Property Tax Bills Across Millington, New Jersey
In Millington, 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 local government assessors who evaluate the property's market value and apply an assessment ratio. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Various factors influence the tax bill, including property size, location, and improvements. In Millington, the median home price stands at $562,150, leading to substantial tax bills. Homeowners in the 25th percentile pay around $10,347 annually, while those in the 75th percentile see bills of approximately $16,282. At the 90th percentile, tax bills can reach up to $19,359. These high tax bills impact homeowners significantly, often influencing decisions on property purchases and investments. Compared to the national median property tax rate of 0.99%, Millington's rates result in considerably higher tax obligations, reflecting the area's property values and local government funding needs.
Average Millington Tax Bill
$12,438
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 Millington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07946 | $8,966 | $10,347 | $12,438 | $16,282 | $19,359 |
Source: Ownwell