Livingston, New Jersey Property Taxes
The median property tax rate in Livingston, NJ is 2.44%, 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 Livingston, the typical annual property tax bill reaches $6,804, exceeding the national median of $2,690. Property taxes in Livingston 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 Livingston'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 Livingston 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
Livingston, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$6,810
Ownwell’s Livingston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Livingston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Livingston 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 Livingston, New Jersey
Property taxes in Livingston, New Jersey, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Livingston is 2.44%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Livingston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Livingston 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 Livingston's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07039 has the highest median property tax rate of 2.44%, while the lowest median tax rate is also 2.44%. Understanding how these cities compare with Livingston 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 Livingston Tax Rate
2.44%
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 Livingston, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07039 | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Livingston, New Jersey
In Livingston, 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 Livingston, 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 Livingston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Livingston, the highest and lowest median tax bills are both reported at $6,804, specifically in the 07039 zip code.
Property Tax Assessment Values Across Livingston, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Livingston Assessed Value
$279,100
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 Livingston, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07039 | $279,100 | $279,100 | $279,100 | $279,100 | $279,100 |
Source: Ownwell
Property Tax Bills Across Livingston, New Jersey
In Livingston, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and is meant to represent the market value of the property. This value is then multiplied by the tax rate set by local government entities, which include the county, municipality, and school district. Factors such as property location, size, and any improvements or renovations can influence the assessed value. In Livingston, the median home price is $279,100, and the typical tax bill is $6,804, which is significantly higher than the national median property tax rate of 0.99%. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and resale value. However, these taxes also fund essential local services such as schools, public safety, and infrastructure, contributing to the community's quality of life. Understanding how property taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Livingston Tax Bill
$6,804
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 Livingston, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07039 | $6,804 | $6,804 | $6,804 | $6,804 | $6,804 |
Source: Ownwell