Pompton Plains, New Jersey Property Taxes
The median property tax rate in Pompton Plains, NJ is 2.50%, 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 Pompton Plains at $384,600, the typical annual property tax bill reaches $9,580, significantly exceeding the national median of $2,690. Property taxes in Pompton Plains 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 Pompton Plains' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Pompton Plains or another part of Morris County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pompton Plains, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$9,615
Ownwell’s Pompton Plains Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pompton Plains with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pompton Plains 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 Pompton Plains, New Jersey
Property taxes in Pompton Plains, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pompton Plains is 2.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within Pompton Plains set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pompton Plains 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 Pompton Plains' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07444 zip code has the highest median property tax rate of 2.50%, while the same zip code also has the lowest median tax rate of 2.50%. Understanding how these cities compare with Pompton Plains 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 Pompton Plains Tax Rate
2.50%
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 Pompton Plains, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07444 | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Pompton Plains, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pompton Plains, New Jersey. 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 in Pompton Plains 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. The median home price here is $384,600, with tax bills varying significantly—ranging from $6,967 at the 25th percentile to $14,771 at the 90th percentile. The highest and lowest median tax bills are both $9,580, found in the 07444 zip code. Understanding these valuation processes helps property owners identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Pompton Plains, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Pompton Plains Assessed Value
$384,600
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 Pompton Plains, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07444 | $216,700 | $279,200 | $384,600 | $473,300 | $594,280 |
Source: Ownwell
Property Tax Bills Across Pompton Plains, New Jersey
In Pompton Plains, Morris County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The local tax rate in Pompton Plains is significantly higher than the national median property tax rate of 0.99%. For instance, homeowners in this area experience a median property tax bill of $9,580, which can vary widely depending on the value of their properties. Factors such as property size, location, and market conditions play a crucial role in determining the assessed value. For example, homes in the 25th percentile have tax bills around $6,967, while those in the 75th percentile face bills up to $11,814. The 90th percentile sees even higher tax bills, reaching $14,771. These high property tax rates can significantly impact homeowners, often leading to higher monthly mortgage payments and affecting overall affordability. Understanding these factors is essential for homeowners to manage their finances effectively and anticipate their annual property tax obligations.
Average Pompton Plains Tax Bill
$9,580
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 Pompton Plains, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07444 | $5,401 | $6,967 | $9,580 | $11,814 | $14,771 |
Source: Ownwell