Great Meadows, Warren County, New Jersey Property Taxes
The median property tax rate in Great Meadows, NJ is 3.12%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Great Meadows at $265,900, the typical annual property tax bill reaches $8,350, far exceeding the national median of $2,690. Property taxes in Great Meadows are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Great Meadows' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Great Meadows 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
Great Meadows, Warren County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.12%
Estimate Property Tax Bill
$8,296
$7,699
Ownwell’s Great Meadows Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Great Meadows with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Great Meadows 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 Great Meadows, Warren County, New Jersey
Property taxes in Great Meadows, 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 Great Meadows is 3.12%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Great Meadows set these rates annually, and they can vary significantly across different neighborhoods. Each year, Great Meadows 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 Great Meadows' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07838 zip code has the highest median property tax rate of 3.12%, while the same zip code also has the lowest median tax rate of 3.12%. Understanding how these cities compare with Great Meadows provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Great Meadows Tax Rate
3.12%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Great Meadows, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07838 | 3.01% | 3.12% | 3.12% | 3.13% | 3.50% |
Source: Ownwell
Property Tax Assessment Values Across Great Meadows, Warren County, New Jersey
In Great Meadows, 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 Warren County Assessor 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 Great Meadows, 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 Great Meadows helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07838 in Great Meadows has both the highest and lowest median tax bill, which is $8,350.
Property Tax Assessment Values Across Great Meadows, Warren County, New Jersey
Source: Ownwell
$150,800
$241,250
$331,700
Average Great Meadows Assessed Value
$265,900
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Great Meadows, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07838 | $165,400 | $210,775 | $265,900 | $322,400 | $364,570 |
Source: Ownwell
Property Tax Bills Across Great Meadows, Warren County, New Jersey
In Great Meadows, 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 Warren County tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For instance, the median home price in Great Meadows is $265,900, which can result in a significant tax bill. Homeowners in the 25th percentile pay around $6,648 annually, while those in the 75th percentile see bills closer to $10,192. At the higher end, the 90th percentile tax bill can reach $11,847. These property taxes play a crucial role in funding local services like schools, public safety, and infrastructure, directly impacting the quality of life for Great Meadows residents. However, they also represent a substantial financial obligation for homeowners, often exceeding the national median property tax rate of 0.99%.
Property Tax Bills Across Great Meadows, Warren County, New Jersey
Source: Ownwell
$4,266
$8,172
$12,077
Average Great Meadows Tax Bill
$8,350
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Great Meadows, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07838 | $5,226 | $6,648 | $8,350 | $10,192 | $11,847 |
Source: Ownwell