Township Of Washington, New Jersey Property Taxes
The median property tax rate in Township of Washington, 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 Township of Washington, the typical annual property tax bill reaches $11,214, exceeding the national median of $2,690. Property taxes in Township of Washington 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 Township of Washington'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 Township of Washington 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
Township Of Washington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$11,210
Ownwell’s Township of Washington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Township of Washington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Township of Washington 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 Township Of Washington, New Jersey
Property taxes in Township of Washington, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate here 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 Township of Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Township of Washington 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 Township of Washington's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07676 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 rates compare with Township of Washington 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 Township Of Washington 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 Township Of Washington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07676 | 2.58% | 2.58% | 2.58% | 2.58% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Township Of Washington, New Jersey
In the Township of Washington, 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 the Township of Washington, 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 median home price in the area is $434,500, with tax bills ranging from $9,870 at the 25th percentile to $16,285 at the 90th percentile. The zip code 07676 has both the highest and lowest median tax bill at $11,214. 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 Township Of Washington, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Township Of Washington Assessed Value
$434,500
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 Township Of Washington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07676 | $348,500 | $382,400 | $434,500 | $515,725 | $631,040 |
Source: Ownwell
Property Tax Bills Across Township Of Washington, New Jersey
In the Township of Washington, located in Bergen County, NJ, property tax bills are a significant consideration for homeowners. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. The median home price in this area stands at $434,500, and the local property tax rate is notably higher than the national median of 0.99%. Several factors contribute to the final tax bill, including the property's assessed value, which is influenced by market conditions and property characteristics. Homeowners in this township can expect tax bills ranging from $9,870 at the 25th percentile to $16,285 at the 90th percentile. The highest and lowest median tax bills in this area are both $11,214, reflecting a consistent tax burden across different properties. This high property tax rate can significantly impact homeowners, making it crucial for them to understand how their tax bills are calculated and explore potential exemptions or appeals to manage their expenses effectively.
Average Township Of Washington Tax Bill
$11,214
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 Township Of Washington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07676 | $8,995 | $9,870 | $11,214 | $13,315 | $16,285 |
Source: Ownwell