Glen Ridge, New Jersey Property Taxes
The median property tax rate in Glen Ridge, NJ is 3.29%, 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 Glen Ridge, the typical annual property tax bill reaches $19,010, significantly exceeding the national median of $2,690. Property taxes in Glen Ridge 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 Glen Ridge'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 Glen Ridge 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
Glen Ridge, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.29%
Estimate Property Tax Bill
$19,016
Ownwell’s Glen Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glen Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Ridge 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 Glen Ridge, New Jersey
Property taxes in Glen Ridge, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glen Ridge is 3.29%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Glen Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Ridge 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 Glen Ridge's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07028 zip code has the highest median property tax rate of 3.29%, while the same zip code also has the lowest median tax rate of 3.29%. Understanding how these areas compare with Glen Ridge provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glen Ridge Tax Rate
3.29%
Average Essex County Tax Rate
3.51%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glen Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07028 | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Glen Ridge, New Jersey
In Glen Ridge, 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 Essex 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 Glen Ridge, 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 Glen Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 07028, with a tax bill of $19,010.
Property Tax Assessment Values Across Glen Ridge, New Jersey
Source: Ownwell
$16,100
$687,250
$1,358,400
Average Glen Ridge Assessed Value
$578,000
Average Essex County Assessed Value
$335,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glen Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07028 | $432,940 | $492,450 | $578,000 | $797,925 | $1,022,550 |
Source: Ownwell
Property Tax Bills Across Glen Ridge, New Jersey
In Glen Ridge, Essex County, NJ, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, which is then multiplied by the tax rate to calculate the annual tax bill. For example, with a median home price of $578,000, homeowners can expect significant tax bills. The tax bill at the 25th percentile is $16,165, while at the 75th percentile, it reaches $26,276, and at the 90th percentile, it can be as high as $33,673. The highest and lowest median tax bills in the area are both $19,010 in the 07028 zip code. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in Glen Ridge. Homeowners in this area need to budget accordingly, as property taxes represent a substantial annual expense.
Average Glen Ridge Tax Bill
$19,010
Average Essex County Tax Bill
$11,297
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Glen Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07028 | $14,135 | $16,165 | $19,010 | $26,276 | $33,673 |
Source: Ownwell