Raritan, Somerset County, New Jersey Property Taxes
The median property tax rate in Raritan, NJ is 2.77%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $295,300, the typical annual property tax bill in Raritan reaches $7,963, far exceeding the national median of $2,690. Property taxes in Raritan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Raritan'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 Raritan 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
Raritan, Somerset County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$8,180
$7,591
Ownwell’s Raritan Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Raritan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raritan to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed insights, scroll down to explore trends at the neighborhood level. Your property’s assessed value is the figure assigned by Somerset County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Raritan, Somerset County, New Jersey
Property taxes in Raritan, New Jersey, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Raritan is 2.77%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Raritan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raritan 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 Raritan's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08869 zip code has the highest median property tax rate of 2.77%, while the same zip code also has the lowest median tax rate of 2.77%. Understanding how these cities compare with Raritan 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 Raritan Tax Rate
2.77%
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 Raritan, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08869 | 2.29% | 2.76% | 2.77% | 2.77% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Raritan, Somerset County, New Jersey
In Raritan, 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 Assessor 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 Raritan, 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 Raritan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Raritan is $7,963, which is significantly higher than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Raritan, Somerset County, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Raritan Assessed Value
$295,300
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 Raritan, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08869 | $240,200 | $268,400 | $295,300 | $351,600 | $476,800 |
Source: Ownwell
Property Tax Bills Across Raritan, Somerset County, New Jersey
In Raritan, Somerset County, NJ, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Raritan is $295,300. The tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing your tax bill include the home's market value, property size, and any applicable exemptions. Homeowners in Raritan face a significant tax burden, with the median tax bill being $7,963. This figure is notably higher than the national median property tax rate of 0.99%. For instance, tax bills in the 25th percentile are around $7,039, while those in the 75th percentile reach $9,507. At the 90th percentile, homeowners might pay as much as $12,872 annually. These high property taxes can significantly affect homeowners, influencing their financial planning and potentially impacting their decisions about buying or selling property in the area. Understanding these factors is crucial for managing your property tax obligations effectively.
Average Raritan Tax Bill
$7,963
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 Raritan, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08869 | $6,137 | $7,039 | $7,963 | $9,507 | $12,872 |
Source: Ownwell