Prospect Park, New Jersey Property Taxes
The median property tax rate in Prospect Park, NJ is 5.41%, 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 Prospect Park at $209,750, the typical annual property tax bill reaches $11,251, exceeding the national median of $2,690. Property taxes in Prospect Park 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 Prospect Park'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 Prospect Park 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
Prospect Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.41%
Estimate Property Tax Bill
$11,347
Ownwell’s Prospect Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect Park 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 Prospect Park, New Jersey
Property taxes in Prospect Park, 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 Prospect Park is 5.41%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Prospect Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect Park 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 Prospect Park's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07508 zip code has the highest median property tax rate of 5.41%, while the same zip code also has the lowest median tax rate of 5.41%. Understanding how these areas compare with Prospect Park provides valuable insights into the varying tax landscape across Passaic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prospect Park Tax Rate
5.41%
Average Passaic County Tax Rate
4.57%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07508 | 5.10% | 5.41% | 5.41% | 5.41% | 5.41% |
Source: Ownwell
Property Tax Assessment Values Across Prospect Park, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prospect Park, NJ. 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 local 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 Prospect Park, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in the area is $11,251 in the 07508 zip code, which is also where the lowest median tax bill is found.
Property Tax Assessment Values Across Prospect Park, New Jersey
Source: Ownwell
$89,900
$297,200
$504,500
Average Prospect Park Assessed Value
$209,750
Average Passaic County Assessed Value
$226,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prospect Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07508 | $156,410 | $179,600 | $209,750 | $242,100 | $271,380 |
Source: Ownwell
Property Tax Bills Across Prospect Park, New Jersey
In Prospect Park, Passaic 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 municipal assessor and reflects a percentage of the property's market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. Homeowners in Prospect Park experience property taxes that are significantly higher than the national median property tax rate of 0.99%. For instance, the median home price in Prospect Park is $209,750, and tax bills can vary widely. The 25th percentile tax bill is around $9,580, while the 75th percentile tax bill reaches approximately $13,008. At the 90th percentile, homeowners might pay up to $14,604. These high property taxes can impact household budgets, making it essential for homeowners to understand how their tax bills are determined and explore potential exemptions or appeals.
Average Prospect Park Tax Bill
$11,251
Average Passaic County Tax Bill
$9,911
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07508 | $8,211 | $9,580 | $11,251 | $13,008 | $14,604 |
Source: Ownwell