Bedminster, New Jersey Property Taxes
The median property tax rate in Bedminster, NJ is 1.35%, 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 Bedminster at $350,800, the typical annual property tax bill reaches $4,735, exceeding the national median of $2,690. Property taxes in Bedminster 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 Bedminster'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 Bedminster or another part of Somerset County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bedminster, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$4,736
$4,395
Ownwell’s Bedminster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bedminster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bedminster 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 Bedminster, New Jersey
Property taxes in Bedminster, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bedminster is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bedminster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bedminster 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 Bedminster's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07921 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Bedminster 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 Bedminster Tax Rate
1.35%
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 Bedminster, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07921 | 1.34% | 1.35% | 1.35% | 1.35% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Bedminster, New Jersey
In Bedminster, 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 Bedminster, 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 Bedminster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bedminster are both $4,735 in the 07921 zip code, reflecting a consistent tax landscape.
Property Tax Assessment Values Across Bedminster, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Bedminster Assessed Value
$350,800
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 Bedminster, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07921 | $158,960 | $266,900 | $350,800 | $478,300 | $729,530 |
Source: Ownwell
Property Tax Bills Across Bedminster, New Jersey
In Bedminster, Somerset County, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Bedminster is $350,800. Property taxes are determined by multiplying the assessed value of the home by the local tax rate. For homeowners in Bedminster, the tax bill can vary significantly. For example, the tax bill at the 25th percentile is $3,598, while at the 75th percentile, it rises to $6,426. At the 90th percentile, homeowners can expect to pay as much as $9,793. The highest and lowest median tax bills in Bedminster are both $4,735, indicating uniformity in certain areas. Compared to the national median property tax rate of 0.99%, Bedminster's property tax rates can lead to higher tax bills, impacting homeowners by increasing their annual expenses. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Bedminster Tax Bill
$4,735
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 Bedminster, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07921 | $2,148 | $3,598 | $4,735 | $6,426 | $9,793 |
Source: Ownwell