Little Ferry, New Jersey Property Taxes
The median property tax rate in Little Ferry, NJ is 2.94%, 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 Little Ferry, the typical annual property tax bill reaches $9,560, exceeding the national median of $2,690. Property taxes in Little Ferry 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 Little Ferry'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 Little Ferry 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
Little Ferry, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$9,543
Ownwell’s Little Ferry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Ferry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Ferry 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 Little Ferry, New Jersey
Property taxes in Little Ferry, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Ferry is 2.94%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Little Ferry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Ferry 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 Little Ferry's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07643 zip code has the highest median property tax rate of 2.94%, while the same zip code also has the lowest median tax rate of 2.94%. Understanding how these cities compare with Little Ferry 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 Little Ferry Tax Rate
2.94%
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 Little Ferry, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07643 | 2.94% | 2.94% | 2.94% | 2.94% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Little Ferry, New Jersey
In Little Ferry, 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. Assessment notices in Little Ferry 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. The highest and lowest median tax bills in Little Ferry are both $9,560, found in the 07643 zip code. 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 Little Ferry, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Little Ferry Assessed Value
$324,600
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 Little Ferry, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07643 | $193,700 | $266,450 | $324,600 | $392,200 | $493,680 |
Source: Ownwell
Property Tax Bills Across Little Ferry, New Jersey
In Little Ferry, Bergen County, NJ, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the local tax assessor and is intended to reflect the market value of the property. Homeowners in Little Ferry face a median property tax rate significantly higher than the national median of 0.99%. For instance, with a median home price of $324,600, the property tax bill can range significantly. The 25th percentile tax bill is around $7,847, while the 75th percentile reaches up to $11,553, and the 90th percentile hits $14,530. This wide range illustrates how property taxes can vary based on specific property assessments and local tax rates. These tax bills can have a substantial impact on homeowners, influencing overall housing affordability and the cost of living in the area. It's crucial for homeowners to understand how their property taxes are determined and to be aware of available exemptions or appeal processes to potentially lower their tax burden.
Average Little Ferry Tax Bill
$9,560
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 Little Ferry, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07643 | $5,701 | $7,847 | $9,560 | $11,553 | $14,530 |
Source: Ownwell