Hope, Warren County, New Jersey Property Taxes
Median Hope, NJ effective property tax rate: 2.98%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Hope, NJ home value: $417,900
Median annual Hope, NJ tax bill: $13,055, $10,655 higher than the national median property tax bill of $2,400.
How are property taxes in Warren County calculated?
Property taxes in Hope, 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 Hope’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hope, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hope, Warren County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.98%
Estimate Property Tax Bill
$12,453
$11,556
Property Tax Rates Across Hope, Warren County, New Jersey
Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget annually to provide services, then 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.
In Hope, located in Warren County, New Jersey, the effective property tax rate is significantly higher than the national median of 1.02%. This rate reflects the local government's budgetary needs and the total value of taxable property in the area. Compared to other cities in New Jersey, Hope’s property tax rate is indicative of the state’s overall trend, where property taxes are generally higher than the national average. This information can be crucial for property owners looking to appeal their property taxes or seek exemptions, as understanding the local tax landscape can lead to potential savings. By comparing Hope’s property tax rate to the median rates in New Jersey and the U.S., property owners can gain a clearer perspective on where they stand financially.
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 Hope Tax Rate
2.98%
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 Warren County Tax Rate
3.47%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Hope, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07844 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Hope, Warren County, New Jersey
When examining property taxes in Hope, 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 Warren 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.
Assessment notices in Warren County 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 Hope. For example, the median home price in Hope is $417,900, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Hope, Warren County, New Jersey
Source: Ownwell
$150,800
$241,250
$331,700
Median Hope Market Value
$417,900
Median Warren County Market Value
$207,000
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Hope, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07844 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Hope, Warren County, New Jersey
In Hope, located in Warren County, NJ, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. With a median home price of $417,900, homeowners in Hope can expect to pay significantly higher property taxes than the national median tax bill of $2,400. The tax bill for the 25th percentile is $10,606, while those in the 75th percentile face a bill of $13,190.
These high property taxes can be a significant burden on homeowners, impacting their overall financial health. However, Ownwell offers a solution by providing property tax appeal and exemption services. By analyzing the assessed value and ensuring it aligns with the market value, Ownwell can help homeowners potentially reduce their tax burden. This service not only offers financial relief but also peace of mind, knowing that property taxes are being managed effectively.
Median Hope Tax Bill
$13,055
Median Warren County Tax Bill
$6,901
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Hope, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07844 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell