New Jersey (NJ) property tax rate: 2.47% | Median home: $495,000 | Median annual tax: $12,227
New Jersey is a dense Mid-Atlantic state with the highest property taxes in the US. The average effective property tax rate in New Jersey is 2.47%, which is above the national average of 1.1%.
On the median New Jersey home valued at $495,000, annual property taxes come to approximately $12,227 or $1,019/month. This is a significant part of your total housing cost and should be factored into any home purchase budget.
Pro tip: New Jersey has the highest property taxes in the nation. Budget 2.5%+ of home value annually.
Combined with New Jersey's state income tax rate of 10.75%, homeowners should consider the total tax picture. Property taxes in New Jersey are a major expense — budget carefully.
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New Jersey has an average effective property tax rate of 2.47%. On the median home value of $495,000, that equals approximately $12,227 per year or $1,019 per month.
Property taxes in New Jersey are calculated by multiplying your home assessed value by the local tax rate. The assessed value may differ from market value depending on your county assessment ratio. Exemptions like homestead exemptions can reduce your taxable value.
New Jersey has the highest property taxes in the nation. Budget 2.5%+ of home value annually.
New Jersey property taxes are above the national average of 1.1%. Budget carefully for this significant expense when buying a home here.
Property tax due dates vary by county in New Jersey. Most counties offer semi-annual payments. Check with your county tax assessor office for specific due dates. Late payments typically incur penalties of 1-2% per month.