New Jersey variant. This is a New Jersey-specific version of the Property Tax Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Property Tax Calculator.
New Jersey's effective property tax rate of 2.49% means the owner of a median $510,000 home pays roughly $12,699 per year - a figure that varies widely by state.
How New Jersey property tax is calculated
Property tax = assessed value × local millage rate. The 2.49% effective rate shown here is the statewide average of tax paid relative to market value, which smooths over county-by-county differences.
On the $510,000 New Jersey median home, that works out to about $12,699/year or $1,058/month - often escrowed into your mortgage payment.
About taxes and housing in New Jersey
New Jersey uses a graduated income tax with a top marginal rate above 10% on the highest earners.
New Jersey has the highest effective property tax rate in the United States, near 2.5%, with median home values exceeding $500,000.
New Jersey's economy is shaped by its dense corridor between New York City and Philadelphia, with pharmaceuticals, finance, and logistics as key sectors.
Worked example: tax on a $510,000 home
$510,000 × 2.49% = $12,699 per year. A $500,000 home in New Jersey would owe about $12,450 annually at the same effective rate.
Quick reference
- State income tax: 1.4-10.75% across 7 brackets
- State sales tax: 6.625% (plus -0.02% avg local)
- Median home value: $510,000
- Median household income: $97,126
- Effective property tax rate: 2.49%
- Avg auto insurance: $2,076/yr
Frequently Asked Questions
What is the property tax rate in New Jersey?
New Jersey's effective property tax rate averages 2.49% of market value per year.
How much property tax on a $510,000 home in New Jersey?
About $12,699 per year at the 2.49% effective rate.