Short Hills, New Jersey Property Taxes
The median property tax rate in Short Hills, NJ, is 2.79%, 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 Short Hills at $404,700, the typical annual property tax bill reaches $11,307, far exceeding the national median of $2,690. Property taxes in Short Hills 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 Short Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Short Hills 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
Short Hills, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.79%
Estimate Property Tax Bill
$11,291
Ownwell’s Short Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Short Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Short Hills 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 Short Hills, New Jersey
Property taxes in Short Hills, 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 Short Hills is 2.79%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Short Hills set these rates annually, and they can vary across different neighborhoods. Each year, Short Hills 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 Short Hills' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07078 zip code has the highest median property tax rate of 2.79%, while the same zip code also has the lowest median tax rate of 2.79%. Understanding how these cities compare with Short Hills 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 Short Hills Tax Rate
2.79%
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 Short Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07078 | 2.79% | 2.79% | 2.79% | 2.79% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Short Hills, New Jersey
In Short Hills, 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 local county 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 Short Hills, 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. Short Hills has a median home price of $404,700, and the median property tax bill is $11,307. 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 Short Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Short Hills, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Short Hills Assessed Value
$404,700
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 Short Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07078 | $404,700 | $404,700 | $404,700 | $404,700 | $404,700 |
Source: Ownwell
Property Tax Bills Across Short Hills, New Jersey
In Short Hills, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The tax rate is applied to the assessed value to determine the annual tax bill. Factors such as the property's location, size, and improvements can influence its assessed value. In Short Hills, the median home price is $404,700, and the median property tax bill is $11,307, significantly higher than the national median property tax rate of 0.99%. Homeowners in this area face substantial property tax bills, which can affect their overall financial planning and housing affordability. The tax bill remains consistent across different percentiles, indicating a uniform tax rate applied to properties in this region. This high property tax rate can be attributed to the quality of local amenities, schools, and public services, which are often funded through these taxes. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Short Hills Tax Bill
$11,307
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 Short Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07078 | $11,307 | $11,307 | $11,307 | $11,307 | $11,307 |
Source: Ownwell