Englewood Cliffs, New Jersey Property Taxes
The median property tax rate in Englewood Cliffs, NJ is 1.12%, 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 Englewood Cliffs at $1,125,400, the typical annual property tax bill reaches $12,632, far exceeding the national median of $2,690. Property taxes in Englewood Cliffs 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 Englewood Cliffs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Englewood Cliffs or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Englewood Cliffs, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$12,604
Ownwell’s Englewood Cliffs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Englewood Cliffs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Englewood Cliffs 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 Englewood Cliffs, New Jersey
Property taxes in Englewood Cliffs, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Englewood Cliffs is 1.12%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Englewood Cliffs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Englewood Cliffs 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 Englewood Cliffs' effective property tax rate to other regions in New Jersey and the national median. For comparison, the 07632 zip code has the highest median property tax rate of 1.12%, while the same 07632 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Englewood Cliffs 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 Englewood Cliffs Tax Rate
1.12%
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 Englewood Cliffs, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07632 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Englewood Cliffs, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Englewood Cliffs, NJ. 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 district 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 Englewood Cliffs, 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. Being aware of these valuation processes in Englewood Cliffs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $12,632, specifically in the 07632 zip code.
Property Tax Assessment Values Across Englewood Cliffs, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Englewood Cliffs Assessed Value
$1,125,400
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 Englewood Cliffs, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07632 | $763,140 | $879,000 | $1,125,400 | $1,518,500 | $2,335,740 |
Source: Ownwell
Property Tax Bills Across Englewood Cliffs, New Jersey
Property tax bills in Englewood Cliffs, located in Bergen County, NJ, are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local assessors. Factors such as property size, location, and home improvements influence this assessed value. Homeowners in Englewood Cliffs face a significant property tax burden, with the median home price at $1,125,400. The tax bills range widely, with the 25th percentile at $9,863 and the 75th percentile reaching $17,053. The highest median tax bill in the area is $12,632, which is notably higher than the national median property tax rate of 0.99%. This considerable tax obligation can impact homeowners' financial planning and affordability. Understanding how these taxes are calculated helps residents anticipate their annual expenses and budget accordingly.
Average Englewood Cliffs Tax Bill
$12,632
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 Englewood Cliffs, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07632 | $8,570 | $9,863 | $12,632 | $17,053 | $26,192 |
Source: Ownwell