Wharton, New Jersey Property Taxes
The median property tax rate in Wharton, NJ, is 2.79%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $297,000 in Wharton, the typical annual property tax bill reaches $8,283, significantly exceeding the national median of $2,690. Property taxes in Wharton 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 Wharton'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 Wharton 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
Wharton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.79%
Estimate Property Tax Bill
$8,286
Ownwell’s Wharton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wharton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wharton 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 Wharton, New Jersey
Property taxes in Wharton, 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 Wharton is 2.79%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Wharton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wharton 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 Wharton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07885 has the highest median property tax rate of 2.79%, while the same zip code also has the lowest median tax rate of 2.79%. Understanding how these cities compare with Wharton 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 Wharton Tax Rate
2.79%
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 Wharton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07885 | 2.60% | 2.72% | 2.79% | 2.91% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Wharton, New Jersey
In Wharton, 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 Assessor 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 Wharton, 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 Wharton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wharton are both $8,283, found in the 07885 zip code.
Average Wharton Assessed Value
$297,000
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 Wharton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07885 | $193,200 | $246,400 | $297,000 | $351,300 | $422,900 |
Source: Ownwell
Property Tax Bills Across Wharton, New Jersey
In Wharton, NJ, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The assessed value is determined by the Morris County tax assessor and reflects a percentage of the property's market value. For example, if the median home price in Wharton is $297,000, the assessed value will be a fraction of this amount. The local property tax rate is applied to the assessed value to calculate the tax bill. In Morris County, property tax rates are relatively high compared to the national median property tax rate of 0.99%. Homeowners in Wharton can expect tax bills to vary widely based on the value of their property. For instance, tax bills in the 25th percentile are around $6,853, while those in the 75th percentile are approximately $9,879. The 90th percentile tax bill can reach up to $12,127. These property taxes significantly affect homeowners, influencing their overall cost of living and potentially impacting decisions about buying or selling property in the area.
Average Wharton Tax Bill
$8,283
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 Wharton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07885 | $5,261 | $6,853 | $8,283 | $9,879 | $12,127 |
Source: Ownwell