Gladstone, Somerset County, New Jersey Property Taxes
The median property tax rate in Gladstone, NJ is 1.84%, 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 Gladstone at $665,750, the typical annual property tax bill reaches $11,884, far exceeding the national median of $2,690. Property taxes in Gladstone 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 Gladstone'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 Gladstone 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
Gladstone, Somerset County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$12,250
$11,367
Ownwell’s Gladstone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gladstone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gladstone 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 Gladstone, Somerset County, New Jersey
Property taxes in Gladstone, NJ, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gladstone is 1.84%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gladstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gladstone 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 Gladstone's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07934 zip code has the highest median property tax rate of 1.84%, while the same zip code also has the lowest median tax rate of 1.84%. Understanding how these cities compare with Gladstone 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 Gladstone Tax Rate
1.84%
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 Gladstone, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07934 | 1.62% | 1.81% | 1.84% | 1.84% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Gladstone, Somerset County, New Jersey
In Gladstone, 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 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 Gladstone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 07934 at $11,884, while the lowest is also 07934 at $11,884.
Property Tax Assessment Values Across Gladstone, Somerset County, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Gladstone Assessed Value
$665,750
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 Gladstone, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07934 | $425,380 | $514,050 | $665,750 | $860,625 | $1,126,340 |
Source: Ownwell
Property Tax Bills Across Gladstone, Somerset County, New Jersey
In Gladstone, NJ, located in Somerset County, 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 assessors who evaluate the property's market value. For instance, the median home price in Gladstone is $665,750. The local tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the home. In Gladstone, homeowners experience a range of property tax bills, with the 25th percentile at $9,101 and the 75th percentile at $15,473. The highest median tax bill in the area is noted to be $11,884. These tax bills can significantly impact homeowners' budgets, making it crucial for property owners to understand how their taxes are calculated. Comparatively, the national median property tax rate stands at 0.99%, highlighting the higher tax burden faced by residents in this region.
Average Gladstone Tax Bill
$11,884
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 Gladstone, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07934 | $7,519 | $9,101 | $11,884 | $15,473 | $20,437 |
Source: Ownwell