See The Average Property Tax Bill In Princeton

Princeton NJ

01 February, 2022

3:21 PM

Description

PRINCETON, NJ — Once again, Princeton is among the top 10 tax-paying Municipalities in New Jersey for 2021, according to a recent report from the state Department of Community Affairs. Every year, the department releases property tax statistics for each town and city in New Jersey, including Princeton. Read More: See How Every NJ Towns Ranks For Property Taxes On New List The average residential property tax for Princeton in 2021 was $20,510 for a home valued at $841,249. In 2020, the property tax bill was $20,352 for a home valued at $841,064. That's a $158 increase from 2020 — a difference of 0.7 percent. Property taxes in New Jersey are made up of three parts: school, municipal, and county. Here's how that broke down in Princeton last year: School – 49.2 percentMunicipal – 20.9 percentCounty – 29.9 percent Here's how Princeton compares to other Mercer County towns: Princeton, $20,510 West Windsor Township, $14,930Hopewell Township, $14,160Pennington Borough, $13,518Hopewell Borough, $12,513Robbinsville Township, $11,176Hightstown Borough, $ 9,689East Windsor Township, $8,519Lawrence Township, $8,361Ewing Township, $7,109Hamilton Township, $7,036Trenton City, $3,463 As a state, New Jersey routinely ranks among the highest in the nation when it comes to property taxes. Last year, four of the seven counties with the highest median payments in the U.S. were located in New Jersey. Taxes and home values have gone up steadily throughout the state over the past decade, regardless of what political party is in power. When former Gov. Chris Christie and the state Legislature reached a historic deal for a 2 percent cap in 2011, the average property tax bill in New Jersey was at $7,759 for a home valued at $299,014, not including credits or deductions. By the time Gov. Phil Murphy began his first term in 2018, the average property tax payment had risen by 13 percent. The numbers have continued to rise during Murphy's tenure. According to the latest figures, the average property tax in New Jersey was $9,284 for a home valued at $335,623 in 2021, not including credits and deductions. Those numbers were up 1.9 percent from 2020, when they stood at $9,112 for a home valued at $330,578. (With reporting from Eric Kiefer/Patch Staff) Thank you for reading. Have a correction or news tip? Email [email protected] Get breaking news alerts on your phone with our app. Download here. Sign up to get Patch emails so you don't miss out on local and statewide news.