Somerville, New Jersey Property Taxes
The median property tax rate in Somerville, NJ is 3.74%, 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 $271,850 in Somerville, the typical annual property tax bill reaches $10,083, far exceeding the national median of $2,690. Property taxes in Somerville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Somerville'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 Somerville 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
Somerville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.74%
Estimate Property Tax Bill
$10,167
Ownwell’s Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, New Jersey
Property taxes in Somerville, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 3.74%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08876 zip code has the highest median property tax rate of 3.74%, while it also has the lowest median tax rate of 3.74%. Understanding how these cities compare with Somerville 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 Somerville Tax Rate
3.74%
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 Somerville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08876 | 3.63% | 3.74% | 3.74% | 3.74% | 3.74% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, New Jersey
In Somerville, NJ, 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. Assessment notices in Somerville 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. For instance, the median home price here is $271,850, with tax bills ranging significantly. The 25th percentile tax bill is $8,693, while the 75th percentile tax bill is $11,430, and the 90th percentile tax bill can reach up to $13,677. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Somerville, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Somerville Assessed Value
$271,850
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 Somerville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08876 | $192,870 | $233,700 | $271,850 | $314,525 | $398,630 |
Source: Ownwell
Property Tax Bills Across Somerville, New Jersey
In Somerville, Somerset County, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor and is meant to reflect the market value of the home. This value is then multiplied by the tax rate set by the local government to determine the annual tax bill. For instance, with a median home price of $271,850, tax bills can vary significantly. Homeowners in the 25th percentile pay around $8,693 annually, while those in the 75th percentile see bills closer to $11,430, and the 90th percentile can reach up to $13,677. The highest median tax bill recorded in the area is $10,083, which is considerably higher than the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the overall quality of life in the community.
Average Somerville Tax Bill
$10,083
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 Somerville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08876 | $7,340 | $8,693 | $10,083 | $11,430 | $13,677 |
Source: Ownwell