Norwood, New Jersey Property Taxes
The median property tax rate in Norwood, NJ is 2.58%, 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 Norwood, the typical annual property tax bill reaches $12,477, exceeding the national median of $2,690. Property taxes in Norwood 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 Norwood'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 Norwood 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
Norwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$12,464
Ownwell’s Norwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norwood 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 Norwood, New Jersey
Property taxes in Norwood, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norwood is 2.58%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Norwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norwood 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 Norwood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07648 zip code has the highest median property tax rate of 2.58%, while the same zip code also has the lowest median tax rate of 2.58%. Understanding how these cities compare with Norwood 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 Norwood Tax Rate
2.58%
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 Norwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07648 | 2.58% | 2.58% | 2.58% | 2.58% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Norwood, New Jersey
In Norwood, 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 Assessor's Office 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 Norwood, 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 Norwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07648 has both the highest and lowest median tax bill at $12,477.
Property Tax Assessment Values Across Norwood, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Norwood Assessed Value
$483,100
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 Norwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07648 | $276,440 | $380,375 | $483,100 | $664,175 | $913,350 |
Source: Ownwell
Property Tax Bills Across Norwood, New Jersey
In Norwood, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the tax rate set by Bergen County to arrive at the annual tax bill. Homeowners in Norwood typically face higher property tax bills compared to the national median property tax rate of 0.99%. For instance, the median home price in Norwood is $483,100, and the tax bill can range significantly. The 25th percentile tax bill is around $9,826, while the 75th percentile tax bill reaches up to $17,162. At the 90th percentile, homeowners might pay as much as $23,601 annually. This high property tax burden can significantly impact homeowners, influencing their overall cost of living and financial planning. The consistency of the median tax bill across different zip codes, such as 07648, underscores the uniformity in tax assessments within the area.
Average Norwood Tax Bill
$12,477
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 Norwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07648 | $7,143 | $9,826 | $12,477 | $17,162 | $23,601 |
Source: Ownwell