Milford, Hunterdon County, New Jersey Property Taxes
Last Updated March 1, 2025
Milford, Hunterdon County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.13%
Estimate Property Tax Bill
$8,454
$7,845
Ownwell’s Milford Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Milford with just two data points.
By entering your property's estimated assessed value, our calculator applies Milford’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Hunterdon County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Milford, Hunterdon County, New Jersey
Local government entities set tax rates, which can vary widely within a state. This variance is primarily due to each county estimating its required budget to provide services annually and dividing that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
In Milford, located in Hunterdon County, New Jersey, the effective property tax rate stands at 3.06%, which is significantly higher than the national median property tax rate of 1.02%. This rate is consistent across the county, indicating a uniform approach to property taxation in this region.
When comparing Milford’s property tax rate to other cities in New Jersey, it is evident that the rates are among the highest in the state. The median property tax bill in this area is likely to be considerably higher than the national median of $2,400, reflecting the elevated rate. This comparison underscores the importance of understanding local property tax rates and their implications for property owners.
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
3.13%
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 Hunterdon County Tax Rate
2.72%
Median Effective New Jersey Tax Rate
2.88%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Milford, Hunterdon County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08848 | 2.80% | 2.80% | 3.13% | 3.13% | 3.99% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Hunterdon 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 Hunterdon County appraisal district 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 Hunterdon 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 $272,200, with tax bills ranging significantly across the county. Zip code 08848 has the highest median home price at $272,200.
Property Tax Assessment Values Across Milford, Hunterdon County, New Jersey
Source: Ownwell
$178,200
$350,100
$522,000
Median Milford Market Value
$270,100
Median Hunterdon County Market Value
$378,800
Median New Jersey Market Value
$288,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Milford, Hunterdon County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08848 | $173,900 | $211,000 | $270,100 | $363,700 | $464,500 |
Source: Ownwell
Property Tax Bills Across Milford, Hunterdon County, New Jersey
Property tax bills in Milford, Hunterdon County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and ideally reflects a percentage of the market value of the home. Milford's property tax rate is notably higher than the national median of 1.02%, resulting in a substantial tax bill. Homeowners in Milford face a median property tax bill of $8,477, which is significantly above the national median of $2,400. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. These high tax rates can place a significant financial burden on homeowners.
Ownwell assists homeowners by reviewing their property assessments to identify potential inaccuracies. By leveraging expertise in property tax appeals, Ownwell can help reduce the assessed value, thereby lowering the tax bill. This service can lead to significant savings, easing the financial strain on Milford homeowners and ensuring they pay only their fair share.
Median Milford Tax Bill
$8,613
Median Hunterdon County Tax Bill
$10,258
Median New Jersey Tax Bill
$8,638
Median United States Tax Bill
$2,400
Property Tax Bills Across Milford, Hunterdon County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08848 | $5,633 | $6,815 | $8,613 | $10,980 | $14,001 |
Source: Ownwell