Demarest, New Jersey Property Taxes
The median property tax rate in Demarest, NJ is 2.84%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Demarest at $626,950, the typical annual property tax bill reaches $17,799, significantly exceeding the national median of $2,690. Property taxes in Demarest are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Demarest's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Demarest or another part of Bergen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Demarest, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$17,805
Ownwell’s Demarest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Demarest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Demarest to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Demarest, New Jersey
Property taxes in Demarest, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Demarest is 2.84%, significantly higher than the U.S. national median of 0.99%. Local government entities within Demarest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Demarest estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Demarest's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07627 zip code has the highest median property tax rate of 2.84%, while the same zip code also has the lowest median tax rate of 2.84%. Understanding how these cities compare with Demarest provides valuable insights into the varying tax landscape across Bergen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Demarest Tax Rate
2.84%
Average Bergen County Tax Rate
2.73%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Demarest, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07627 | 2.84% | 2.84% | 2.84% | 2.84% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Demarest, New Jersey
In Demarest, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal authority for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Demarest, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. In Demarest, the median home price is $626,950, with the 25th percentile tax bill at $13,705 and the 75th percentile tax bill at $28,129. The zip code 07627 has both the highest and lowest median tax bill at $17,799. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Demarest, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Demarest Assessed Value
$626,950
Average Bergen County Assessed Value
$421,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Demarest, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07627 | $418,520 | $482,900 | $626,950 | $993,375 | $1,394,670 |
Source: Ownwell
Property Tax Bills Across Demarest, New Jersey
In Demarest, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this area face a median property tax rate that significantly exceeds the national median of 0.99%. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. For example, with a median home price of $626,950, homeowners can expect substantial tax bills. Factors such as property size, location, and market conditions influence the assessed value. The tax bills in Demarest range widely, with the 25th percentile at $13,705 and the 75th percentile reaching $28,129. At the 90th percentile, homeowners might see tax bills as high as $39,536. The highest and lowest median tax bills in the zip code 07627 both stand at $17,799, reflecting the uniformity in assessment practices within this region. High property taxes can significantly impact homeowners by increasing the cost of homeownership, influencing housing affordability, and affecting decisions related to buying or selling property.
Average Demarest Tax Bill
$17,799
Average Bergen County Tax Bill
$11,253
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Demarest, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07627 | $11,879 | $13,705 | $17,799 | $28,129 | $39,536 |
Source: Ownwell