Note: HomeLight’s New Jersey property tax calculator provides a ballpark estimate for a primary residence using average rates. Your tax can vary based on location and the specific taxing districts (e.g., schools, fire districts, and libraries) that apply to your parcel. For a precise number, contact the Department of the Treasury.
Step One: Consult with a Trusted Buyer's Agent
Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase), and we’ll connect you with top-rated buyer’s agents in your area. It takes only a few minutes, and it’s free.
Are There Property Tax Exemptions in New Jersey?
Homeowners in New Jersey may qualify for several property tax exemptions that can lower their tax bill. These are offered through the Department of the Treasury, depending on your location. Common exemptions include:
- Over-65 exemption: $250 deduction annually for residents aged 65+
- Disabled individual exemption: $250 deduction annually for residents with disabilities
- Disabled veterans: 100% exemption for 100% permanently and totally disabled veterans
If you’re buying a home in New Jersey, note that property tax exemptions do not automatically transfer from the previous owner. After the home changes hands, you’ll need to reapply based on your own eligibility.
When Are New Jersey Property Taxes Due?
Property taxes in New Jersey are billed quarterly:
- Quarterly on: February 1, May 1, August 1, November 1
Payments received after the deadlines are considered delinquent and may incur a 00% penalty. If either due date falls on a weekend or holiday, the deadline is extended to the next business day.
What Do Property Taxes Pay For in New Jersey?
Local property taxes in New Jersey pay for important local services, including:
- Public schools
- Police, fire, and EMS services
- Roads, streets, and traffic signals
- Parks, libraries, and community centers
- City and county government operations
- Infrastructure like water, sewer, and trash services
- Repayment of local bond projects (such as transit and school improvements)
Yes, You Can Buy Before You Sell. Why Move Twice?
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
What Does It Cost to Buy a Home in New Jersey?
How Much House Can You Afford?
Affordability in New Jersey depends on your income, debt, credit score, and mortgage rate. With a median household income of around $91,590 in the Garden State, a buyer might afford a home in the $350,000–$425,000 range using standard debt-to-income guidelines. However, with the New Jersey median home price hovering at $600,000, many buyers need dual incomes or additional savings to qualify.
Use HomeLight’s Home Affordability Calculator to estimate your budget based on your income, debts, and current rates.
What Down Payment Will You Need in New Jersey?
According to Nerdwallet, the average down payment on a house in New Jersey is 19%. However, down payment amounts vary widely depending on loan type and credit score. While 20% used to be the expected standard, many buyers put down between 5% and 15%, with 3% options available for FHA and some conventional first-time buyer loans.
For a $600,000 home, here’s what your down payment could look like:
- 3% down = $18,000
- 5% down = $30,000
- 10% down = $60,000
- 15% down = $90,000
- 20% down = $120,000
Try HomeLight’s Down Payment Calculator to see how different down payments affect your monthly payment and loan size.
How Much Are Closing Costs in New Jersey?
Buyers in New Jersey can expect to pay about 2% to 5% of the purchase price in closing costs. These may include:
- Loan origination and underwriting fees
- Title insurance and escrow fees
- Appraisal and inspection costs
- Prepaid property taxes and homeowners’ insurance
- Filing and recording fees
For a $600,000 home, that means estimated closing costs of $12,000 to $30,000. Use HomeLight’s Closing Costs Calculator to get a personalized estimate based on your expected New Jersey home purchase price.
How To Find a Trusted New Jersey Real Estate Agent
An experienced New Jersey agent can help you understand local tax rates, school districts, and development trends — and guide you toward neighborhoods that fit your lifestyle and budget.
HomeLight’s free Agent Match tool uses data from over 27 million transactions and thousands of verified reviews to match you with top New Jersey agents based on proven performance. Tell us a little about your buying plans and get matched today with no obligation.
Additional resources when searching for a trusted buyer’s agent in New Jersey:
- How to pick a buyer’s agent
- How to find a trusted Realtor in another state
- Why hire a buyer’s agent
- How much are Realtor fees?
- Questions to ask a buyer’s agent
Buying and Selling? Consider “Buy Before You Sell”
If you’re buying a new home in New Jersey but need to sell your current property first, HomeLight’s Buy Before You Sell program can simplify the entire process. This modern solution helps you unlock equity from your current home so you can make a non-contingent offer on your new home — and only move once. Watch the short video below to see how it works.
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