Princeton Junction, Mercer County, New Jersey Property Taxes

Name: Property Tax Bills Across Princeton Junction, Mercer County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Princeton Junction, 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 Junction, NJ home value: $572,600
Median annual Princeton Junction, NJ tax bill: $16,455, $14,055 higher than the national median property tax bill of $2,400.

How are property taxes in Mercer calculated?

Property taxes in Princeton Junction, 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 Junction’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Princeton Junction, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Princeton Junction, Mercer County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.88%

Estimate Property Tax Bill

$16,491

$15,303

Ownwell’s Princeton Junction Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Princeton Junction with just two data points. By entering your property's estimated assessed value, our calculator applies Princeton Junction’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 Junction, Mercer County, New Jersey

Local government entities set tax rates, which can vary widely within a state. This variance is due to each county estimating its required budget to provide services and dividing 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.

Comparing Princeton Junction’s effective property tax rate to other cities in New Jersey reveals that it stands at a significant level. The median property tax rate in Princeton Junction is notably higher than the national median of 1.02%. This reflects the trend in Mercer County, where tax rates are among the highest in the state. The property tax rate in Princeton Junction is at the same level as the highest and lowest median tax rates in the area, both recorded at 2.88%. This consistency underscores the uniformity in tax rates across the region, contrasting with the national median property tax bill of $2,400.

Property Tax Rates Across Princeton Junction, Mercer County, New Jersey

Source: Ownwell

2.43%

3.94%

5.46%

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 Junction Tax Rate

2.88%

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 Junction, Mercer County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
08550	2.88%	2.88%	2.88%	2.88%	2.88%

Source: Ownwell

Property Tax Assessment Values Across Princeton Junction, Mercer County, New Jersey

When examining property taxes in Princeton Junction, 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. Assessment notices: 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 Junction. For example, the median home price in Princeton Junction is $572,600, with tax bills ranging significantly across the county. 08550 has the highest median home price at $572,600.

Property Tax Assessment Values Across Princeton Junction, Mercer County, New Jersey

Source: Ownwell

$42,000

$637,025

$1,232,050

Median Princeton Junction Market Value

$572,600

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 Junction, Mercer County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
08550	$306,400	$416,975	$572,600	$682,975	$797,310

Source: Ownwell

Property Tax Bills Across Princeton Junction, Mercer County, New Jersey

In Princeton Junction, Mercer County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price here is $572,600, significantly impacting the tax bill. Homeowners in this area face a median property tax bill of $16,455, which is notably higher than the national median of $2,400. The tax bill can range from $12,004 at the 25th percentile to an eye-watering $22,922 at the 90th percentile, reflecting the variability in home values and local tax rates. Factors such as market conditions and local government budgets also play a crucial role in determining the final tax bill. These high property taxes can be a burden for homeowners, making it essential to explore ways to reduce them. Ownwell offers expert property tax appeal services that can help homeowners potentially lower their tax bills. By analyzing property assessments and identifying discrepancies or opportunities for exemptions, Ownwell assists homeowners in saving money on their annual property tax obligations.

Property Tax Bills Across Princeton Junction, Mercer County, New Jersey

Source: Ownwell

$2,276

$19,576

$36,875

Median Princeton Junction Tax Bill

$16,455

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 Junction, Mercer County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
08550	$8,795	$12,004	$16,455	$19,603	$22,922

Source: Ownwell