Rocky Hill, Somerset County, New Jersey Property Taxes
The median property tax rate in Rocky Hill, NJ is 2.21%, 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 Rocky Hill, the typical annual property tax bill reaches $10,716, exceeding the national median of $2,690. Property taxes in Rocky Hill 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 Rocky Hill'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 Rocky Hill 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
Rocky Hill, Somerset County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$10,851
$10,070
Ownwell’s Rocky Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rocky Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rocky Hill 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 Rocky Hill, Somerset County, New Jersey
Property taxes in Rocky Hill, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rocky Hill is 2.21%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Rocky Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rocky Hill 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 Rocky Hill's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08553 zip code has the highest median property tax rate of 2.21%, while the 08553 zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Rocky Hill 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 Rocky Hill Tax Rate
2.21%
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 Rocky Hill, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08553 | 2.16% | 2.19% | 2.21% | 2.22% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Rocky Hill, Somerset County, New Jersey
In Rocky Hill, 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 local authorities 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 Rocky Hill, 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 Rocky Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $10,716 in the 08553 zip code.
Property Tax Assessment Values Across Rocky Hill, Somerset County, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Rocky Hill Assessed Value
$491,000
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 Rocky Hill, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08553 | $301,520 | $372,900 | $491,000 | $588,600 | $667,820 |
Source: Ownwell
Property Tax Bills Across Rocky Hill, Somerset County, New Jersey
In Rocky Hill, Somerset County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Homeowners in Rocky Hill generally face higher property taxes compared to the national median property tax rate of 0.99%. For instance, the median home price in Rocky Hill is $491,000, with property tax bills ranging from $8,185 at the 25th percentile to $13,063 at the 75th percentile. This high property tax burden can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding these factors and how they contribute to the tax bill can help homeowners better manage their finances and anticipate future tax obligations.
Property Tax Bills Across Rocky Hill, Somerset County, New Jersey
Source: Ownwell
$4,735
$12,659
$20,582
Average Rocky Hill Tax Bill
$10,716
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 Rocky Hill, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08553 | $6,705 | $8,185 | $10,716 | $13,063 | $14,664 |
Source: Ownwell