Kingston, New Jersey Property Taxes
The median property tax rate in Kingston, NJ is 2.05%, 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 Kingston at $334,900, the typical annual property tax bill reaches $6,813, exceeding the national median of $2,690. Property taxes in Kingston 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 Kingston'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 Kingston 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
Kingston, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$6,865
Ownwell’s Kingston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kingston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kingston 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 Kingston, New Jersey
Property taxes in Kingston, 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 Kingston is 2.05%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Kingston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kingston 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 Kingston's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08528 zip code has the highest median property tax rate of 2.05%, while the same zip code also has the lowest median tax rate of 2.05%. Understanding how these cities compare with Kingston 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 Kingston Tax Rate
2.05%
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 Kingston, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08528 | 1.86% | 2.05% | 2.05% | 2.05% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Kingston, New Jersey
In Kingston, 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 Kingston, 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. Notably, the median home price in Kingston stands at $334,900, with tax bills ranging from $6,063 at the 25th percentile to $9,762 at the 90th percentile. 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 Kingston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kingston Assessed Value
$334,900
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 Kingston, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08528 | $264,160 | $304,700 | $334,900 | $389,700 | $475,300 |
Source: Ownwell
Property Tax Bills Across Kingston, New Jersey
In Kingston, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Homeowners in Kingston face property tax bills that can vary significantly. For instance, the 25th percentile of tax bills is around $6,063, while the 75th percentile reaches $7,700, and the 90th percentile climbs to $9,762. Several factors influence these tax bills, including property size, location, and any improvements made to the home. The median home price in Kingston is $334,900, and the property tax rate in the area is higher than the national median of 0.99%. This means that homeowners in Kingston generally pay more in property taxes compared to the national average. Such high property taxes can impact homeowners by increasing the overall cost of owning a home and affecting long-term financial planning.
Average Kingston Tax Bill
$6,813
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 Kingston, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08528 | $5,340 | $6,063 | $6,813 | $7,700 | $9,762 |
Source: Ownwell