Hampton, New Jersey Property Taxes
The median property tax rate in Hampton, NJ is 3.77%, 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 Hampton, the typical annual property tax bill reaches $12,077, exceeding the national median of $2,690. Property taxes in Hampton 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 Hampton'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 Hampton 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
Hampton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.77%
Estimate Property Tax Bill
$12,126
Ownwell’s Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, New Jersey
Property taxes in Hampton, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 3.77%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08827 zip code has both the highest and lowest median property tax rate of 3.77%. Understanding how these cities compare with Hampton 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 Hampton Tax Rate
3.77%
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 Hampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08827 | 3.69% | 3.77% | 3.77% | 3.77% | 3.77% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, New Jersey
In Hampton, 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 local 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 Hampton, 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 Hampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hampton is $321,650, with tax bills ranging significantly. The highest median tax bill is found in the 08827 zip code at $12,077, while the lowest is also in the 08827 zip code at $12,077.
Average Hampton Assessed Value
$321,650
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 Hampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08827 | $211,290 | $250,250 | $321,650 | $370,750 | $396,610 |
Source: Ownwell
Property Tax Bills Across Hampton, New Jersey
In Hampton, NJ, property tax bills are calculated based on the assessed value of the home and the local property tax rate. The assessed value is determined by the local 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 assessed value, including the size of the property, its condition, and recent sales of comparable properties in the area. Homeowners in Hampton face significant property tax bills, with the median tax bill reaching $12,077, which is notably higher than the national median property tax rate of 0.99%. For example, tax bills in the 25th percentile are around $9,354, while those in the 75th percentile can reach up to $13,928. This substantial tax burden can impact homeowners' overall financial planning and housing affordability, making it crucial for residents to stay informed about their property assessments and potential exemptions.
Average Hampton Tax Bill
$12,077
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 Hampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08827 | $7,959 | $9,354 | $12,077 | $13,928 | $14,841 |
Source: Ownwell