Princeton Jct, Mercer County, New Jersey Property Taxes
Median Princeton Jct, NJ effective property tax rate: 2.88%, significantly higher than the national median of 1.02%, but slightly higher than the New Jersey state median of 2.82%. Median Princeton Jct, NJ home value: $386,900. Median annual Princeton Jct, NJ tax bill: $11,143, $8,743 higher than the national median property tax bill of $2,400.
How are property taxes in Mercer calculated?
Property taxes in Princeton Jct, 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 Princeton Jct’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Princeton Jct, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Princeton Jct, Mercer County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.88%
Estimate Property Tax Bill
$11,143
$10,340
Ownwell’s Princeton Jct Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Princeton Jct with just two data points.
By entering your property's estimated assessed value, our calculator applies Princeton Jct’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Mercer County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Princeton Jct, Mercer County, New Jersey
Local government entities determine tax rates, which can significantly differ within a state. This variation occurs because each county annually calculates its necessary budget to fund services and divides this amount by the total value of all taxable property within its area. This process establishes the property tax rate. Although setting tax rates and budgets involves votes and legislation, this is essentially the yearly procedure.
Princeton Jct in Mercer County, New Jersey, exemplifies this system with an effective property tax rate that stands out when compared to other cities in New Jersey. The median property tax rate in New Jersey is notably higher than the national median, reflecting the state's approach to funding local services. This higher rate is a result of New Jersey's commitment to maintaining quality public services and infrastructure.
Understanding these differences in tax rates helps property owners make informed decisions and highlights the importance of property tax appeals and exemptions in managing expenses. Comparing Princeton Jct's rate to the median rates in New Jersey and the U.S. offers valuable insights into regional tax landscapes and underscores the potential benefits of consulting services in navigating these complexities.
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 Princeton Jct Tax Rate
2.88%
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 Princeton Jct, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Princeton Jct, Mercer County, New Jersey
When examining property taxes in Princeton Jct, 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's Office 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 Princeton Jct.
For example, the median home price in Princeton Jct is $386,900, with tax bills ranging significantly across the county. Princeton Jct has a median property tax bill of $11,143, significantly higher than the national median of $2,400.
Property Tax Assessment Values Across Princeton Jct, Mercer County, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Median Princeton Jct Market Value
$386,900
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 Princeton Jct, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Princeton Jct, Mercer County, New Jersey
In Princeton Jct, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in the area is $386,900. Property tax rates are set by local taxing authorities and applied to this assessed value. The tax bill across different percentiles in Princeton Jct, such as the 25th, 75th, and 90th percentiles, consistently amounts to $11,143. This is significantly higher than the national median property tax bill of $2,400, reflecting the area’s higher property values and tax rates.
High property taxes can be a burden for homeowners, impacting their financial well-being. Ownwell offers property tax appeal services that can help homeowners potentially lower their tax bills. By analyzing property assessments and providing expert guidance, Ownwell assists in identifying discrepancies or overvaluations that may lead to reduced tax liabilities. This service can be particularly beneficial in areas like Princeton Jct, where property taxes are substantially above the national average, offering homeowners a chance to save significantly.
Property Tax Bills Across Princeton Jct, Mercer County, New Jersey
Source: Ownwell
$2,276
$19,576
$36,875
Median Princeton Jct Tax Bill
$11,143
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 Princeton Jct, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell