Martinsville, Somerset County, New Jersey Property Taxes

Name: Property Tax Bills Across Martinsville, Somerset County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Martinsville, NJ effective property tax rate: 2.04%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Martinsville, NJ home value: $545,700
Median annual Martinsville, NJ tax bill: $11,154, $8,754 higher than the national median property tax bill of $2,400.

How are property taxes in Somerset calculated?

Property taxes in Martinsville, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Martinsville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Martinsville, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Martinsville, Somerset County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.04%

Estimate Property Tax Bill

$11,132

$10,330

Ownwell’s Martinsville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Martinsville with just two data points. By entering your property's estimated assessed value, our calculator applies Martinsville’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Somerset. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Martinsville, Somerset County, New Jersey

Local government entities set property tax rates, which can differ significantly within New Jersey. Annually, each county in the state estimates its budget needs to provide essential services and divides this by the total value of all taxable properties within its jurisdiction. This process determines the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the fundamental annual procedure.

In New Jersey, the effective property tax rate in Martinsville, Somerset County, is notably above the national median. When comparing Martinsville's property tax rate to other cities in New Jersey, it stands out as one of the highest. With New Jersey's median property tax rate being double the national median, property owners in this region face higher tax bills. This comparison highlights the significant variance in property tax obligations across different regions and emphasizes the importance of understanding local tax rates.

Property Tax Rates Across Martinsville, Somerset County, New Jersey

Source: Ownwell

1.35%

2.72%

4.08%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Martinsville Tax Rate

2.04%

Median Effective Somerset County Tax Rate

2.05%

Median Effective New Jersey Tax Rate

2.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Martinsville, Somerset County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
08836	1.99%	2.02%	2.04%	2.07%	2.08%

Source: Ownwell

Property Tax Assessment Values Across Martinsville, Somerset County, New Jersey

When examining property taxes in Martinsville, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Somerset County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Somerset County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Martinsville. For example, the median home price in Martinsville is $545,700, with tax bills ranging significantly across the county. Zip code 08836 has the highest median home price at $545,700.

Property Tax Assessment Values Across Martinsville, Somerset County, New Jersey

Source: Ownwell

$230,000

$621,625

$1,013,250

Median Martinsville Market Value

$545,700

Median Somerset County Market Value

$415,100

Median New Jersey Market Value

$282,900

Median United States Market Value

$235,294

Property Tax Assessment Values Across Martinsville, Somerset County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
08836	$405,570	$475,475	$545,700	$727,050	$940,100

Source: Ownwell

Property Tax Bills Across Martinsville, Somerset County, New Jersey

In Martinsville, 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 assessor and is meant to reflect the market value of the property. Homeowners in Martinsville face a median property tax bill of $11,154, which is significantly above the national median of $2,400. This is due to the area's higher property values and tax rates, making it one of the more expensive places in the nation for property taxes. Factors such as local government budgets, school funding, and community services influence these rates. For homeowners, this means a substantial portion of their annual expenses goes towards property taxes. Ownwell can assist by identifying potential savings through property tax appeals and exemptions. Our experts analyze your home's assessed value and compare it with similar properties to ensure you are not overpaying. By leveraging our services, homeowners can potentially reduce their tax burden and keep more money in their pockets.

Property Tax Bills Across Martinsville, Somerset County, New Jersey

Source: Ownwell

$4,735

$12,659

$20,582

Median Martinsville Tax Bill

$11,154

Median Somerset County Tax Bill

$9,311

Median New Jersey Tax Bill

$8,227

Median United States Tax Bill

$2,400

Property Tax Bills Across Martinsville, Somerset County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
08836	$8,323	$9,781	$11,154	$14,728	$18,999

Source: Ownwell