What's Was The Average Property Tax Bill In Summit For 2021?

Summit NJ

01 February, 2022

1:35 PM

Description

SUMMIT, NJ — Summit has the 19th highest average property taxes out of all towns in New Jersey, according to a recent report from the state Department of Community Affairs. New Jersey routinely rates as having some of the highest property taxes in the country, and 2021 was no exception. The department recently released its 2021 property tax statistics for each town and city in New Jersey, including Summit. Read more: See How Every NJ Towns Ranks For Property Taxes On New List The average residential property tax in Summit in 2021 was $18,254 for a home valued at $422,835. This was a $60 decrease from 2020, which averaged $18,314 in property taxes. Property taxes in New Jersey are made up of three parts: school, municipal and county. Here's how that broke down in Summit last year: School – 51.5%County – 26.7%Municipal – 21.8%Last year, four of the seven counties with the highest median payments in the U.S. were located in New Jersey. The state's taxes and home values have increased steadily over the past decade, regardless of what political party is in power. The numbers have continued to rise during Gov. Phil Murphy's tenure, and 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. Have a news tip? Email [email protected]. Get a free morning newsletter with news in Summit or another town: https://patch.com/subscribe