Waukesha, New Jersey Property Taxes
The median property tax rate in Waukesha, NJ is 1.57%, 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 Waukesha at $846,400, the typical annual property tax bill reaches $13,309, exceeding the national median of $2,690. Property taxes in Waukesha 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 Waukesha'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 Waukesha 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
Waukesha, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$13,288
$12,331
Ownwell’s Waukesha Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waukesha with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waukesha 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 Waukesha, New Jersey
Property taxes in Waukesha, 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 Waukesha is 1.57%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Waukesha set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waukesha 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 Waukesha's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 53186 zip code has the highest median property tax rate of 1.57%, while the 53186 zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Waukesha 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 Waukesha Tax Rate
1.57%
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 Waukesha, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53186 | 1.57% | 1.57% | 1.57% | 1.57% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Waukesha, New Jersey
In Waukesha, 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 Waukesha, 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. For example, the zip code 53186 has the highest median tax bill of $13,309, which is also the lowest median tax bill in the area. 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 Waukesha helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waukesha Assessed Value
$846,400
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 Waukesha, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53186 | $846,400 | $846,400 | $846,400 | $846,400 | $846,400 |
Source: Ownwell
Property Tax Bills Across Waukesha, New Jersey
In Waukesha, 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 assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Waukesha, the median home price stands at $846,400, significantly higher than the national median property tax rate of 0.99%. In Somerset County, where Waukesha is located, property tax bills can be quite substantial, with the highest median tax bill reaching $13,309. This figure is consistent across various percentiles, indicating a uniform tax burden. Homeowners must consider these taxes as they can significantly impact overall housing costs. The property tax bill affects homeowners by influencing monthly mortgage payments and the overall affordability of homeownership. Understanding these factors is crucial for budgeting and financial planning.
Average Waukesha Tax Bill
$13,309
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 Waukesha, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53186 | $13,309 | $13,309 | $13,309 | $13,309 | $13,309 |
Source: Ownwell