Cranbury, Mercer County, New Jersey Property Taxes
Median Cranbury, NJ effective property tax rate: 3.31%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Cranbury, NJ home value: $355,300
Median annual Cranbury, NJ tax bill: $11,750, $9,350 higher than the national median property tax bill of $2,400.
How are property taxes in Mercer calculated?
Property taxes in Cranbury, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Cranbury’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Cranbury, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Cranbury, Mercer County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.31%
Estimate Property Tax Bill
$11,760
$10,913
Property Tax Rates Across Cranbury, Mercer County, New Jersey
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Cranbury Tax Rate
3.31%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Mercer County Tax Rate
3.25%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Cranbury, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08512 | 3.31% | 3.31% | 3.31% | 3.31% | 3.31% |
Source: Ownwell
Property Tax Assessment Values Across Cranbury, Mercer County, New Jersey
When examining property taxes in Cranbury, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Mercer County Tax Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Mercer County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Cranbury. For example, the median home price in Cranbury is $355,300, with tax bills ranging significantly across the county. Zip code 08512 has the highest median home price at $355,300.
Property Tax Assessment Values Across Cranbury, Mercer County, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Median Cranbury Market Value
$355,300
Median Mercer County Market Value
$216,500
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Cranbury, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08512 | $296,580 | $312,850 | $355,300 | $365,500 | $378,060 |
Source: Ownwell
Property Tax Bills Across Cranbury, Mercer County, New Jersey
In Cranbury, NJ, homeowners face property tax bills that are influenced by the assessed value of their homes and the local tax rate. With a median home price of $355,300, the property tax rate in Mercer County is considerably higher than the national median of 1.02%, resulting in a substantial financial burden for residents. Homeowners in Cranbury experience median tax bills as high as $11,750, significantly surpassing the national median property tax bill of $2,400. Factors such as local government budgets, school funding, and public services contribute to these elevated rates. The impact on homeowners is substantial, as high property taxes can strain household budgets and affect overall affordability.
Ownwell offers a solution to alleviate this burden by providing expert property tax appeal services. By analyzing property assessments and identifying discrepancies, Ownwell helps homeowners challenge their tax bills and potentially secure reductions. This service not only saves money but also ensures homeowners are paying a fair amount, making homeownership more manageable in Cranbury.
Median Cranbury Tax Bill
$11,750
Median Mercer County Tax Bill
$7,200
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Cranbury, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08512 | $9,808 | $10,346 | $11,750 | $12,087 | $12,434 |
Source: Ownwell