Skillman, New Jersey Property Taxes
The median property tax rate in Skillman, NJ is 3.22%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Skillman at $544,300, the typical annual property tax bill reaches $17,387, far surpassing the national median of $2,690. Property taxes in Skillman are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Skillman'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 Skillman 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
Skillman, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.22%
Estimate Property Tax Bill
$17,526
$16,264
Ownwell’s Skillman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Skillman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Skillman 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 Skillman, New Jersey
Property taxes in Skillman, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Skillman is 3.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Skillman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Skillman 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 Skillman's effective property tax rate to other areas in Somerset County and the national median. For comparison, the 08558 zip code has the highest median property tax rate of 3.22%, while the same 08558 zip code also has the lowest median tax rate of 3.22%. Understanding how these cities compare with Skillman 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 Skillman Tax Rate
3.22%
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 Skillman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08558 | 3.17% | 3.22% | 3.22% | 3.22% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Skillman, New Jersey
In Skillman, 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 Skillman, 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 Skillman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Skillman are both $17,387, found in zip code 08558.
Average Skillman Assessed Value
$544,300
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 Skillman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08558 | $348,840 | $436,700 | $544,300 | $672,900 | $825,000 |
Source: Ownwell
Property Tax Bills Across Skillman, New Jersey
In Skillman, Somerset County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to generate the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. For homeowners in Skillman, the property tax rate significantly impacts their finances. With a median home price of $544,300, the tax bills can range considerably. For instance, the 25th percentile tax bill is around $13,796, while the 75th percentile tax bill reaches $21,481, and the 90th percentile can go as high as $26,471. This means that homeowners in Skillman often face higher-than-average property tax bills compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan their finances accordingly.
Average Skillman Tax Bill
$17,387
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 Skillman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08558 | $10,636 | $13,796 | $17,387 | $21,481 | $26,471 |
Source: Ownwell