Mount Tabor, New Jersey Property Taxes
The median property tax rate in Mount Tabor, NJ is 3.17%, 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 Tabor, the typical annual property tax bill reaches $7,558, exceeding the national median of $2,690. Property taxes in Mount Tabor 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 Tabor'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 Tabor 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 Tabor, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.17%
Estimate Property Tax Bill
$7,738
Ownwell’s MOUNT TABOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT TABOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT TABOR 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 Mount Tabor, New Jersey
Property taxes in Mount Tabor, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Tabor is 3.17%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mount Tabor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Tabor 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 Tabor's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07878 ZIP code has the highest median property tax rate of 3.17%, while the same ZIP code also has the lowest median tax rate of 3.17%. Understanding how these cities compare with Mount Tabor 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 Tabor Tax Rate
3.17%
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 Tabor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07878 | 2.97% | 3.17% | 3.17% | 3.17% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Mount Tabor, New Jersey
In Mount Tabor, 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 Mount Tabor, 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 Tabor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07878 in Morris County has the highest median tax bill, which is $7,558.
Property Tax Assessment Values Across Mount Tabor, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Mount Tabor Assessed Value
$244,100
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 Mount Tabor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07878 | $174,300 | $208,050 | $244,100 | $287,875 | $345,440 |
Source: Ownwell
Property Tax Bills Across Mount Tabor, New Jersey
In Mount Tabor, located in Morris County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this area face property taxes that are significantly higher than the national median property tax rate of 0.99%. The median home price in Mount Tabor is $244,100, which serves as the basis for calculating the tax bill. The tax bill is influenced by various factors, including the property's assessed value, local government budgets, and specific tax rates set by the county. For instance, the 25th percentile tax bill is $6,400, while the 75th percentile tax bill reaches $9,083. At the 90th percentile, homeowners could see tax bills as high as $10,617. These high property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning. Despite the higher tax rates, the services and amenities funded by these taxes can contribute to a higher quality of life in the community.
Average Mount Tabor Tax Bill
$7,558
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 Tabor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07878 | $5,409 | $6,400 | $7,558 | $9,083 | $10,617 |
Source: Ownwell