Hillsborough Township Real Estate Tax: How Much Will You Pay

Real estate taxes are an important consideration when you’re buying a new home. Since taxes can vary widely, even in the same county, it’s a good idea to thoroughly investigate how much you’ll pay before you make the commitment to purchase a house. Are you curious about the average tax bills in Hillsborough Township? Take a look at the average payment amount and information about the way your taxes are spent.

How Much Do Hillsborough Township Residents Pay?

In 2015, Hillsborough residents paid an average of $8,650 per year in real estate taxes. The rate was the 210^th highest in the state and the 12^th highest in Somerset County. Although that number may sound a little high, it’s much more reasonable than many other parts of the state. Pity the poor residents of Tavistock who paid an average of $30,723 in taxes. Locally, tax bills were higher for residents of Far Hills ($14,918), Princeton ($17,699) and Montgomery Township ($14,276). Taxes were much lower in Camden ($1,533), Woodbine ($1,690) and Walpack Township ($1,822), but so were housing prices.

Will I Pay $8,650?

Because $8,650 was the average amount Hillsborough Township home owners paid, some owners paid more taxes and some paid less. The amount of tax you pay is determined by the location, size and condition of your home.

Residents who purchase homes in brand new communities can expect to pay higher taxes than those who buy established homes. Although you might have a higher tax bill when you buy a home in a new community, you’ll pay much less for upkeep and repairs.

Since everything is brand new in a just-built house, water heaters, furnaces, sewer lines, roofs and other important components are unlikely to fail or leak. If something does go wrong in the first year, the warranty provided by your home builder will cover the cost of repairs. The money you save on home repairs can often offset your higher tax payment.

What Do My Taxes Pay Cover?

The Hillsborough Patch covered the local tax breakdown back in 2015. They reported that Hillsborough Township taxpayers paid a combined total of $125,589,474.53. Not surprisingly, a large percentage of that amount went to support local schools. Local residents contributed $83,883, 390 in school taxes, $19, 387,431 in municipal taxes and $22,318, 653 in county taxes.

Determining Your Total Monthly Costs

Taxes can significantly increase your monthly costs. When you’re considering various homes, make sure the owners provide a copy of the most recent tax bill to ensure that your calculations will be correct. If your taxes will be bundled with your mortgage payment, divide the yearly number by 12 to determine how much you’ll actually be paying every month.

Taxes for new construction may be based on the sales price or appraised value of the home. Doing a little research before you buy a home can help you avoid unpleasant tax surprises. For example, if the municipality plans to build a brand new, state-of-the-art high school, your taxes may rise significantly when it’s time to pay for the building. In Hillsborough Township, a tax increase higher than two percent must be approved by local voters.

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