Warren, New Jersey Property Taxes
The median property tax rate in Warren, NJ is 1.99%, 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 Warren at $724,450, the typical annual property tax bill reaches $14,207, far exceeding the national median of $2,690. Property taxes in Warren 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 Warren'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 Warren 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
Warren, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$14,417
Ownwell’s Warren Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Warren with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warren to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Somerset County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Warren, New Jersey
Property taxes in Warren, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warren is 1.99%, significantly higher than the U.S. national median of 0.99%. Local government entities within Warren set these rates annually, and they can vary across different neighborhoods. Each year, Warren 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. For comparison, the zip code 07059 has the highest median property tax rate of 1.99%, while the same zip code also represents the lowest median tax rate of 1.99%. Understanding how these values compare with Warren 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 Warren Tax Rate
1.99%
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 Warren, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07059 | 1.84% | 1.99% | 1.99% | 1.99% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Warren, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Warren, NJ. 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 Warren, 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. With a median home price of $724,450, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $10,209, while the 75th percentile reaches approximately $18,684. The highest median tax bill in the region is $14,207, found in zip code 07059, which also has the lowest median tax bill of the same amount. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Warren Assessed Value
$724,450
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 Warren, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07059 | $373,450 | $530,700 | $724,450 | $936,225 | $1,199,100 |
Source: Ownwell
Property Tax Bills Across Warren, New Jersey
In Warren, Somerset County, 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 is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For example, with a median home price of $724,450, homeowners in Warren can expect their tax bills to vary significantly. The 25th percentile tax bill is around $10,209, while the 75th percentile tax bill reaches $18,684. At the 90th percentile, the tax bill can be as high as $23,889. These figures highlight the potential financial impact on homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as property taxes represent a significant annual expense. The highest and lowest median tax bills in Warren are both $14,207, which is notably higher than the national median.
Average Warren Tax Bill
$14,207
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 Warren, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07059 | $7,182 | $10,209 | $14,207 | $18,684 | $23,889 |
Source: Ownwell