Port Murray, Warren County, New Jersey Property Taxes
The median property tax rate in Port Murray, NJ is 3.49%, 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 Port Murray at $219,700, the typical annual property tax bill reaches $7,425, far exceeding the national median of $2,690. Property taxes in Port Murray 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 Port Murray'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 Port Murray 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
Port Murray, Warren County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.49%
Estimate Property Tax Bill
$7,668
$7,115
Ownwell’s Port Murray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Murray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Murray 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 Port Murray, Warren County, New Jersey
Property taxes in Port Murray, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Murray is 3.49%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Port Murray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Murray 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 Port Murray's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07865 zip code has both the highest and lowest median property tax rate of 3.49%. Understanding how these cities compare with Port Murray 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 Port Murray Tax Rate
3.49%
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 Port Murray, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07865 | 2.83% | 3.49% | 3.49% | 3.49% | 3.49% |
Source: Ownwell
Property Tax Assessment Values Across Port Murray, Warren County, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Port Murray, 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 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 Port Murray, 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. With the highest and lowest median tax bills both at $7,425 in zip code 07865, awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Port Murray, Warren County, New Jersey
Source: Ownwell
$150,800
$241,250
$331,700
Average Port Murray Assessed Value
$219,700
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 Port Murray, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07865 | $118,000 | $157,200 | $219,700 | $301,800 | $367,300 |
Source: Ownwell
Property Tax Bills Across Port Murray, Warren County, New Jersey
In Port Murray, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to calculate the annual tax bill. Various factors influence the assessed value, such as the home's market value, location, and any improvements made to the property. For homeowners in Port Murray, the median home price is $219,700. The property tax rate in Warren County is higher than the national median property tax rate of 0.99%. Consequently, residents experience substantial property tax bills. For example, the 25th percentile tax bill is $5,237, while the 75th percentile reaches $10,387. At the 90th percentile, homeowners could see tax bills as high as $12,623. These property taxes significantly impact homeowners, influencing their overall housing costs and financial planning. The highest and lowest median tax bills in the area are both $7,425, indicating a consistent tax burden across different properties within the same zip code, 07865.
Average Port Murray Tax Bill
$7,425
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 Port Murray, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07865 | $3,890 | $5,237 | $7,425 | $10,387 | $12,623 |
Source: Ownwell