Basking Ridge, New Jersey Property Taxes
The median property tax rate in Basking Ridge, NJ is 2.01%, 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 Basking Ridge, the typical annual property tax bill reaches $12,203, exceeding the national median of $2,690. Property taxes in Basking Ridge 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 Basking Ridge'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 Basking Ridge 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
Basking Ridge, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$12,400
$11,507
Ownwell’s Basking Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Basking Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Basking Ridge 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 Basking Ridge, New Jersey
Property taxes in Basking Ridge, 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 Basking Ridge is 2.01%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Basking Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basking Ridge 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 Basking Ridge's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07920 zip code has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Basking Ridge provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Basking Ridge Tax Rate
2.01%
Average Somerset County Tax Rate
2.05%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Basking Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | 1.89% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Basking Ridge, New Jersey
In Basking Ridge, 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 Somerset 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 Basking Ridge, 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 Basking Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07920 has the highest and lowest median tax bill, both at $12,203.
Property Tax Assessment Values Across Basking Ridge, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Basking Ridge Assessed Value
$616,900
Average Somerset County Assessed Value
$415,100
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Basking Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | $268,340 | $374,200 | $616,900 | $847,050 | $1,087,120 |
Source: Ownwell
Property Tax Bills Across Basking Ridge, New Jersey
In Basking Ridge, Somerset County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is typically a percentage of the property's market value. Homeowners in Basking Ridge face property tax bills that vary significantly, with the 25th percentile paying around $7,394 and the 75th percentile paying up to $16,967. The 90th percentile sees tax bills as high as $21,794. The median home price in Basking Ridge is $616,900, leading to substantial tax bills compared to the national median property tax rate of 0.99%. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. For residents of Basking Ridge, these property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Basking Ridge Tax Bill
$12,203
Average Somerset County Tax Bill
$9,311
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Basking Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | $5,284 | $7,394 | $12,203 | $16,967 | $21,794 |
Source: Ownwell