Martinsville, New Jersey Property Taxes
The median property tax rate in Martinsville, 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 Martinsville at $545,700, the typical annual property tax bill reaches $11,154, far exceeding the national median of $2,690. Property taxes in Martinsville 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 Martinsville'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 Martinsville 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
Martinsville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$11,132
$10,330
Ownwell’s Martinsville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Martinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martinsville 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 Somerset County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Martinsville, New Jersey
Property taxes in Martinsville, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Martinsville 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 Martinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martinsville 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 Martinsville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08836 has the highest median property tax rate of 2.04%, while the same zip code 08836 also has the lowest median tax rate of 2.04%. Understanding how these areas compare with Martinsville 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 Martinsville 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 Martinsville, 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, New Jersey
In Martinsville, 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 Martinsville, 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. For example, the highest median tax bill in the area is $11,154 in the 08836 zip code. Being aware of these valuation processes in Martinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Martinsville, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Martinsville Assessed Value
$545,700
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 Martinsville, 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, 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 tax assessor and aims to reflect the market value of the property. This value is then multiplied by the tax rate set by Somerset County to determine the annual tax bill. For instance, with a median home price of $545,700, homeowners can expect varying tax bills. The tax bill at the 25th percentile is approximately $9,781, while at the 75th percentile, it rises to around $14,728. For those at the 90th percentile, the tax bill can reach up to $18,999. These figures are significantly higher than the national median property tax rate of 0.99%. High property taxes in Martinsville impact homeowners by increasing the cost of owning property, which can influence decisions about buying, selling, or investing in real estate in the area.
Average Martinsville Tax Bill
$11,154
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 Martinsville, 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