New Providence, Union County, New Jersey Property Taxes
Median New Providence, NJ effective property tax rate: 4.94%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median New Providence, NJ home value: $292,650
Median annual New Providence, NJ tax bill: $14,114, $11,714 higher than the national median property tax bill of $2,400.
How are property taxes in Union calculated?
Property taxes in New Providence, 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 New Providence’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Providence, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Providence, Union County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
4.94%
Estimate Property Tax Bill
$14,457
$13,416
Property Tax Rates Across New Providence, Union County, New Jersey
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variation arises because each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the core of the annual process.
In New Providence in Union County, NJ, the effective property tax rate is notably higher than both the state and national medians. With a rate of 4.94%, it stands out compared to the national median property tax rate of 1.02%. This high rate underscores the importance of understanding local tax dynamics and seeking expert advice to ensure fair assessments and potential savings. By comparing New Providence's property tax rate to other areas, property owners can better navigate the complexities of property taxation and explore opportunities for appeals and 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 New Providence Tax Rate
4.94%
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 Union County Tax Rate
6.95%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across New Providence, Union County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07974 | 4.46% | 4.93% | 4.94% | 4.94% | 4.94% |
Source: Ownwell
Property Tax Assessment Values Across New Providence, Union County, New Jersey
When examining property taxes in New Providence, 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 Union 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 Union 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 New Providence. For example, the median home price in New Providence is $292,650, with tax bills ranging significantly across the county. Zip code 07974 has the highest median home price at $292,650.
Property Tax Assessment Values Across New Providence, Union County, New Jersey
Source: Ownwell
$54,000
$394,450
$734,900
Median New Providence Market Value
$292,650
Median Union County Market Value
$138,900
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across New Providence, Union County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07974 | $203,600 | $240,200 | $292,650 | $348,975 | $419,350 |
Source: Ownwell
Property Tax Bills Across New Providence, Union County, New Jersey
In New Providence, Union County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is multiplied by the local tax rate to determine the annual tax bill. Homeowners in this area face significantly higher property tax bills compared to the national median, with the median tax bill reaching $14,114. Factors influencing the tax bill include the property's assessed value and the local tax rate. High property tax bills can place a financial burden on homeowners, making it essential to explore potential savings.
Ownwell offers expert property tax appeal and exemption services to help homeowners reduce their tax burden. By analyzing property assessments and identifying discrepancies, Ownwell provides professional guidance to ensure fair taxation. This can result in substantial savings, easing the financial strain on homeowners. With Ownwell's expertise, homeowners in New Providence can navigate the complexities of property tax appeals and potentially lower their annual tax bills, ensuring they only pay what is necessary.
Property Tax Bills Across New Providence, Union County, New Jersey
Source: Ownwell
$4,283
$10,029
$15,775
Median New Providence Tax Bill
$14,114
Median Union County Tax Bill
$10,366
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across New Providence, Union County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07974 | $9,873 | $11,639 | $14,114 | $16,766 | $20,249 |
Source: Ownwell