Mount Arlington, New Jersey Property Taxes
The median property tax rate in Mount Arlington, NJ is 2.74%, 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 Mount Arlington, the typical annual property tax bill reaches $7,423, exceeding the national median of $2,690. Property taxes in Mount Arlington 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 Mount Arlington'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 Mount Arlington 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
Mount Arlington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$7,686
Ownwell’s Mount Arlington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Arlington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Arlington 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 Morris County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mount Arlington, New Jersey
Property taxes in Mount Arlington, 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 Mount Arlington is 2.74%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mount Arlington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Arlington 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 Mount Arlington's effective property tax rate to other areas in Morris County and the national median. For comparison, the zip code 07856 has both the highest and lowest median property tax rate of 2.74%. Understanding how these areas compare with Mount Arlington 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 Mount Arlington Tax Rate
2.74%
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 Mount Arlington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07856 | 2.53% | 2.66% | 2.74% | 2.74% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Mount Arlington, New Jersey
In Mount Arlington, 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. 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 Mount Arlington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Mount Arlington is $7,423, with the same value for both the highest and lowest median tax bills in the 07856 zip code.
Property Tax Assessment Values Across Mount Arlington, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Mount Arlington Assessed Value
$280,500
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 Mount Arlington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07856 | $176,400 | $210,150 | $280,500 | $346,200 | $442,480 |
Source: Ownwell
Property Tax Bills Across Mount Arlington, New Jersey
In Mount Arlington, 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 tax assessor and is meant to reflect the market value of the property. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Homeowners in Mount Arlington can expect a median home price of $280,500. The property tax rate in the area is relatively high compared to the national median of 0.99%. As a result, the tax bills can vary significantly, with the 25th percentile at $5,505 and the 75th percentile reaching $9,262. For those in the 90th percentile, tax bills can be as high as $11,956. This substantial tax burden can impact homeowners' financial planning and the overall cost of homeownership in the area.
Average Mount Arlington Tax Bill
$7,423
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 Mount Arlington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07856 | $4,662 | $5,505 | $7,423 | $9,262 | $11,956 |
Source: Ownwell