Hopewell, Mercer County, New Jersey Property Taxes
Median Hopewell, NJ effective property tax rate: 2.99%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Hopewell, NJ home value: $417,100
Median annual Hopewell, NJ tax bill: $13,042, $10,642 higher than the national median property tax bill of $2,400.
How are property taxes in Mercer calculated?
Property taxes in Hopewell, 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 Hopewell’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hopewell, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hopewell, Mercer County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.99%
Estimate Property Tax Bill
$12,471
$11,573
Property Tax Rates Across Hopewell, Mercer County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget annually to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Hopewell in Mercer County, NJ, boasts a median property tax rate of 2.99%, significantly higher than the national median property tax rate of 1.02%. This means that homeowners in Hopewell face a heavier tax burden compared to the national average. New Jersey is known for its high property taxes, and Hopewell is no exception. The effective property tax rate here stands out in comparison to other cities in New Jersey, as well as against the broader U.S. average. Understanding these rates can help property owners make informed decisions about their investments and financial planning. By comparing Hopewell’s rates to those of other areas, residents can gain a clearer picture of their tax obligations and potential savings through property tax appeals or exemptions.
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 Hopewell Tax Rate
2.99%
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 Hopewell, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | 2.99% | 2.99% | 2.99% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell, Mercer County, New Jersey
When examining property taxes in Hopewell, 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 appraisal district 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 Hopewell. For example, the median home price in Hopewell is $417,100, with tax bills ranging significantly across the county. Zip code 08525 has the highest median home price at $417,100.
Property Tax Assessment Values Across Hopewell, Mercer County, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Median Hopewell Market Value
$417,100
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 Hopewell, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | $295,760 | $344,000 | $417,100 | $538,550 | $682,640 |
Source: Ownwell
Property Tax Bills Across Hopewell, Mercer County, New Jersey
In Hopewell, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is influenced by factors such as location, size, and condition. In Mercer County, where Hopewell is located, property tax bills are notably higher than the national median. The median tax bill in Hopewell is $13,042, significantly surpassing the national median of $2,400. Homeowners in Hopewell can see tax bills ranging from $10,733 at the 25th percentile to $20,590 at the 90th percentile, indicating a wide variation based on property specifics.
High property tax bills can place a significant financial burden on homeowners, making it essential to ensure accurate assessments. Ownwell offers expert property tax appeal and exemption services that can help homeowners in Hopewell potentially reduce their tax liabilities. By leveraging local market knowledge and assessment expertise, Ownwell can identify discrepancies in assessments and guide homeowners through the appeal process, aiming to secure a fairer tax bill and alleviate financial strain.
Median Hopewell Tax Bill
$13,042
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 Hopewell, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | $9,028 | $10,733 | $13,042 | $16,579 | $20,590 |
Source: Ownwell