Kinnelon, New Jersey Property Taxes
The median property tax rate in Kinnelon, NJ is 2.70%, 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 Kinnelon at $534,500, the typical annual property tax bill reaches $14,200, far exceeding the national median of $2,690. Property taxes in Kinnelon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kinnelon'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 Kinnelon 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
Kinnelon, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$14,432
Ownwell’s Kinnelon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kinnelon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kinnelon 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 Kinnelon, New Jersey
Property taxes in Kinnelon, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kinnelon is 2.70%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Kinnelon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kinnelon 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 Kinnelon's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07405 zip code has the highest median property tax rate of 2.70%, while the 07405 zip code also has the lowest median tax rate of 2.70%. Understanding how these cities compare with Kinnelon provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kinnelon Tax Rate
2.70%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kinnelon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07405 | 2.53% | 2.70% | 2.70% | 2.70% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Kinnelon, New Jersey
In Kinnelon, 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 Morris 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 Kinnelon, 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. Homes in Kinnelon have a median home price of $534,500, with tax bills varying significantly. For instance, the 25th percentile tax bill is $10,975, while the 75th percentile tax bill reaches $18,662. 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 Kinnelon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kinnelon Assessed Value
$534,500
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kinnelon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07405 | $328,580 | $414,850 | $534,500 | $700,000 | $909,260 |
Source: Ownwell
Property Tax Bills Across Kinnelon, New Jersey
In Kinnelon, located in Morris 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 assessor's office and is meant to reflect the market value of the property. Homeowners in Kinnelon face property tax rates that are significantly higher than the national median of 0.99%. The median home price in Kinnelon is $534,500, and tax bills can vary widely. For example, the 25th percentile of tax bills is around $10,975, while the 75th percentile reaches up to $18,662. At the 90th percentile, homeowners might see tax bills as high as $24,338. The highest median tax bill recorded in the area is $14,200, which is notably high compared to national figures. These high property tax rates can significantly impact homeowners, making it essential for them to understand how their tax bills are calculated and to explore potential exemptions or appeals to manage their expenses effectively.
Average Kinnelon Tax Bill
$14,200
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Kinnelon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07405 | $8,680 | $10,975 | $14,200 | $18,662 | $24,338 |
Source: Ownwell