Bridgewater, New Jersey Property Taxes
The median property tax rate in Bridgewater, NJ is 2.04%, 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 Bridgewater, the typical annual property tax bill reaches $9,030, far exceeding the national median of $2,690. Property taxes in Bridgewater 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 Bridgewater'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 Bridgewater 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
Bridgewater, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$9,018
$8,368
Ownwell’s Bridgewater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bridgewater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgewater 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 Bridgewater, New Jersey
Property taxes in Bridgewater, 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 Bridgewater is 2.04%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Bridgewater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgewater 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 Bridgewater's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08807 zip code has the highest median property tax rate of 2.04%, while the same 08807 zip code also has the lowest median tax rate of 2.04%. Understanding how these areas compare with Bridgewater 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 Bridgewater Tax Rate
2.04%
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 Bridgewater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08807 | 1.97% | 2.01% | 2.04% | 2.06% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Bridgewater, New Jersey
In Bridgewater, 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. Assessment notices in Bridgewater 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. The median home price in Bridgewater is $442,050, with tax bills ranging from $6,577 at the 25th percentile to $13,757 at the 90th percentile. The highest and lowest median tax bills in the area are both $9,030, found in the 08807 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Bridgewater, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Bridgewater Assessed Value
$442,050
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 Bridgewater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08807 | $250,520 | $324,125 | $442,050 | $583,250 | $678,870 |
Source: Ownwell
Property Tax Bills Across Bridgewater, New Jersey
In Bridgewater, NJ, property tax bills are determined by the assessed value of the home and the local tax rate. The assessed value is a percentage of the market value, reflecting the property's worth as determined by the local assessor. This value is then multiplied by the tax rate set by Somerset County and other local taxing authorities to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For instance, the median home price in Bridgewater is $442,050, which significantly impacts the tax bill. Homeowners in the 25th percentile can expect to pay around $6,577 annually, while those in the 75th percentile face bills of approximately $11,868. The 90th percentile sees tax bills as high as $13,757. These taxes fund essential local services such as schools, public safety, and infrastructure. Although Bridgewater's property tax rates may seem high compared to the national median of 0.99%, they ensure robust community amenities and services, directly affecting homeowners' quality of life.
Average Bridgewater Tax Bill
$9,030
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 Bridgewater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08807 | $5,140 | $6,577 | $9,030 | $11,868 | $13,757 |
Source: Ownwell