Wyckoff, New Jersey Property Taxes
The median property tax rate in Wyckoff, NJ is 1.84%, 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 Wyckoff at $726,400, the typical annual property tax bill reaches $13,380, exceeding the national median of $2,690. Property taxes in Wyckoff 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 Wyckoff'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 Wyckoff 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
Wyckoff, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$13,366
Ownwell’s Wyckoff Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wyckoff with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wyckoff 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 Wyckoff, New Jersey
Property taxes in Wyckoff, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wyckoff is 1.84%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wyckoff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wyckoff 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 Wyckoff's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07481 has the highest median property tax rate of 1.84%, while the same zip code also has the lowest median tax rate of 1.84%. Understanding how these areas compare with Wyckoff 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 Wyckoff Tax Rate
1.84%
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 Wyckoff, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07481 | 1.84% | 1.84% | 1.84% | 1.84% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Wyckoff, New Jersey
In Wyckoff, 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 Wyckoff, 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 Wyckoff stands at $726,400, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $10,960, while the 75th percentile tax bill reaches $17,196. The highest and lowest median tax bills are both found in the 07481 zip code, amounting to $13,380. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wyckoff, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Wyckoff Assessed Value
$726,400
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 Wyckoff, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07481 | $497,710 | $595,050 | $726,400 | $933,525 | $1,188,790 |
Source: Ownwell
Property Tax Bills Across Wyckoff, New Jersey
In Wyckoff, located in Bergen County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. In Wyckoff, the median home price is $726,400, leading to property tax bills that can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $10,960, while those in the 75th percentile might see bills as high as $17,196. At the 90th percentile, tax bills can reach up to $21,905. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the premium property values in this area. For homeowners, these property taxes represent a significant annual expense, impacting overall housing affordability and long-term financial planning.
Average Wyckoff Tax Bill
$13,380
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 Wyckoff, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07481 | $9,168 | $10,960 | $13,380 | $17,196 | $21,905 |
Source: Ownwell