Phillipsburg, New Jersey Property Taxes
The median property tax rate in Phillipsburg, NJ is 4.07%, 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 Phillipsburg, the typical annual property tax bill reaches $5,262, exceeding the national median of $2,690. Property taxes in Phillipsburg 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 Phillipsburg'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 Phillipsburg 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
Phillipsburg, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.07%
Estimate Property Tax Bill
$6,138
$5,695
Ownwell’s Phillipsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phillipsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phillipsburg 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 Phillipsburg, New Jersey
Property taxes in Phillipsburg, 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 Phillipsburg is 4.07%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Phillipsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phillipsburg 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 Phillipsburg's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08865 zip code has the highest median property tax rate of 4.07%, while the same zip code also has the lowest median tax rate of 4.07%. Understanding how these cities compare with Phillipsburg 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 Phillipsburg Tax Rate
4.07%
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 Phillipsburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08865 | 2.47% | 2.97% | 4.07% | 4.07% | 4.07% |
Source: Ownwell
Property Tax Assessment Values Across Phillipsburg, New Jersey
In Phillipsburg, 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 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 Phillipsburg, 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 instance, the median home price in Phillipsburg is $150,800, with tax bills ranging from $3,893 at the 25th percentile to $9,145 at the 90th percentile. 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 Phillipsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Phillipsburg, New Jersey
Source: Ownwell
$139,000
$278,450
$417,900
Average Phillipsburg Assessed Value
$150,800
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 Phillipsburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08865 | $69,800 | $106,200 | $150,800 | $206,900 | $289,700 |
Source: Ownwell
Property Tax Bills Across Phillipsburg, New Jersey
Property tax bills in Phillipsburg, NJ, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Phillipsburg, homeowners experience a range of tax bills, with the 25th percentile paying around $3,893 and the 75th percentile paying approximately $6,891. The highest tax bills, at the 90th percentile, can reach up to $9,145. Factors influencing these amounts include the property's assessed value, which is derived from its market value, and the local tax rate set by Warren County. Compared to the national median property tax rate of 0.99%, Phillipsburg's rates can be significantly higher, impacting homeowners with higher annual expenses. This can affect affordability and the overall cost of homeownership in the area, making it crucial for residents to understand their tax obligations and explore possible exemptions or appeals to manage their financial burden effectively.
Average Phillipsburg Tax Bill
$5,262
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 Phillipsburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08865 | $2,717 | $3,893 | $5,262 | $6,891 | $9,145 |
Source: Ownwell