New Milford, New Jersey Property Taxes
The median property tax rate in New Milford, NJ is 3.72%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in New Milford at $310,400, the typical annual property tax bill reaches $11,545, far exceeding the national median of $2,690. Property taxes in New Milford are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding New Milford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of New Milford 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
New Milford, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.72%
Estimate Property Tax Bill
$11,547
Ownwell’s New Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Milford 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 New Milford, New Jersey
Property taxes in New Milford, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Milford is 3.72%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within New Milford set these rates annually, and they can vary notably across different neighborhoods. Each year, New Milford 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 foundation of setting property tax rates. The data below compares New Milford's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07646 has the highest median property tax rate of 3.72%, while the lowest median tax rate is also 3.72%. Understanding how these cities compare with New Milford 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 New Milford Tax Rate
3.72%
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 New Milford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07646 | 3.72% | 3.72% | 3.72% | 3.72% | 3.72% |
Source: Ownwell
Property Tax Assessment Values Across New Milford, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in New Milford, 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 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 New Milford, 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. For instance, the zip code 07646 has the highest median tax bill at $11,545, while the same zip code also records the lowest median tax bill at $11,545. Being aware of these valuation processes in New Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New Milford, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average New Milford Assessed Value
$310,400
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 New Milford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07646 | $251,000 | $277,250 | $310,400 | $350,400 | $432,020 |
Source: Ownwell
Property Tax Bills Across New Milford, New Jersey
In New Milford, Bergen County, NJ, property tax bills are determined based on the assessed value of a home and 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 improvements can influence this value. Homeowners in New Milford face a median property tax rate that significantly impacts their annual tax bills. For instance, the median home price in the area is $310,400, and the tax bills range considerably. The 25th percentile tax bill is around $10,320, while the 75th percentile tax bill is approximately $13,040. At the higher end, the 90th percentile tax bill reaches $16,071. These tax bills are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. Consequently, homeowners in New Milford must budget for these substantial tax obligations, which can significantly affect their overall financial planning.
Average New Milford Tax Bill
$11,545
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 New Milford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07646 | $9,341 | $10,320 | $11,545 | $13,040 | $16,071 |
Source: Ownwell