Franklin Lakes, New Jersey Property Taxes
The median property tax rate in Franklin Lakes, NJ is 1.69%, considerably higher than the national median of 0.99% but lower than the New Jersey state median of 2.82%. With a median home value of $923,600 in Franklin Lakes, the typical annual property tax bill reaches $15,579, far exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Franklin Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Franklin Lakes 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
Franklin Lakes, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$15,609
Ownwell’s Franklin Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin Lakes 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 Bergen County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Franklin Lakes, New Jersey
Property taxes in Franklin Lakes, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin Lakes is 1.69%, significantly higher than the U.S. national median of 0.99%. Local government entities within Franklin Lakes set these rates annually, and they can vary across different neighborhoods. Each year, Franklin Lakes 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 Franklin Lakes' effective property tax rate to other areas in Bergen County and the national median. For comparison, the 07417 zip code has the highest median property tax rate of 1.69%, while the same zip code also has the lowest median tax rate of 1.69%. Understanding how these areas compare with Franklin Lakes 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 Franklin Lakes Tax Rate
1.69%
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 Franklin Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Franklin Lakes, New Jersey
In Franklin Lakes, 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 Bergen County 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 Franklin Lakes, 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. The median home price in Franklin Lakes is $923,600, with the 25th percentile tax bill at $10,947 and the 75th percentile tax bill at $21,883. The highest and lowest median tax bills in the area are both $15,579, found in the 07417 zip code. 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 Franklin Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Franklin Lakes, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Franklin Lakes Assessed Value
$923,600
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 Franklin Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | $460,000 | $647,600 | $923,600 | $1,298,100 | $1,805,960 |
Source: Ownwell
Property Tax Bills Across Franklin Lakes, New Jersey
In Franklin Lakes, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Franklin Lakes is $923,600, significantly higher than the national median. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies by county and municipality. For instance, in Bergen County, homeowners may find themselves paying a substantial amount given the high property values. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The tax bill can vary widely; the 25th percentile tax bill is around $10,947, while the 75th percentile reaches up to $21,883. For those in the 90th percentile, the tax bill can soar to $30,430, reflecting the high property values in the area. These property taxes significantly impact homeowners, contributing to the cost of living and influencing decisions about home ownership and real estate investments in Franklin Lakes.
Average Franklin Lakes Tax Bill
$15,579
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 Franklin Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | $7,756 | $10,947 | $15,579 | $21,883 | $30,430 |
Source: Ownwell