Milford, Warren County, New Jersey Property Taxes
Median Milford, NJ effective property tax rate: 4.09%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Milford, NJ home value: $211,900
Median annual Milford, NJ tax bill: $8,669, $6,269 higher than the national median property tax bill of $2,400.
How are property taxes in Warren County calculated?
Property taxes in Milford, 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 Milford’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Milford, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Milford, Warren County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
4.3%
Estimate Property Tax Bill
$8,843
$8,206
Property Tax Rates Across Milford, Warren County, New Jersey
Local government entities set property tax rates, which can vary widely within a state. This variation occurs because annually, each county estimates its required budget 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.
In Milford, located in Warren County, NJ, the effective property tax rate is significantly higher than both the state and national medians. Milford's tax rate is 4.09%, which is notably above the national median of 1.02%. This means that homeowners in Milford face a considerably higher property tax burden compared to the average American homeowner. Such high rates can impact housing affordability and influence decisions regarding property investments.
Understanding these differences can be crucial for property owners who are evaluating their tax liabilities or considering an appeal. By comparing Milford's tax rate to those of other cities in New Jersey and across the U.S., property owners can gain insights into how local tax policies affect their financial obligations.
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 Milford Tax Rate
4.30%
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
3.55%
Median Effective New Jersey Tax Rate
2.88%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Milford, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08848 | 4.30% | 4.30% | 4.30% | 4.30% | 4.30% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Warren County, New Jersey
When examining property taxes in Milford, 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 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 Warren 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 Milford.
For example, the median home price in Milford is $211,900, with tax bills ranging significantly across the county. Zip code 08848 has the highest median home price at $211,900.
Property Tax Assessment Values Across Milford, Warren County, New Jersey
Source: Ownwell
$144,350
$238,125
$331,900
Median Milford Market Value
$205,650
Median Warren County Market Value
$206,900
Median New Jersey Market Value
$288,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Milford, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08848 | $140,470 | $166,000 | $205,650 | $254,975 | $284,260 |
Source: Ownwell
Property Tax Bills Across Milford, Warren County, New Jersey
In Milford, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. With a median home price of $211,900, Milford homeowners face tax bills that vary significantly, from the 25th percentile at $6,681 to the 90th percentile at $12,194. The median tax bill is notably higher than the national median of $2,400, reflecting the region's relatively high property tax rates. This can place a considerable financial burden on homeowners.
Ownwell offers a solution by providing property tax appeal and exemption services. By ensuring that properties are assessed fairly and accurately, Ownwell can help homeowners reduce their tax bills. With expert guidance, homeowners can potentially save thousands, alleviating some of the financial pressures associated with high property taxes in Milford.
Median Milford Tax Bill
$8,714
Median Warren County Tax Bill
$7,155
Median New Jersey Tax Bill
$8,638
Median United States Tax Bill
$2,400
Property Tax Bills Across Milford, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08848 | $6,037 | $7,135 | $8,714 | $10,959 | $12,217 |
Source: Ownwell