Ringwood, New Jersey Property Taxes
The median property tax rate in Ringwood, NJ is 3.97%, 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 Ringwood at $282,700, the typical annual property tax bill reaches $11,023, exceeding the national median of $2,690. Property taxes in Ringwood 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 Ringwood'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 Ringwood 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
Ringwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.97%
Estimate Property Tax Bill
$11,223
Ownwell’s Ringwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ringwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ringwood 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 Ringwood, New Jersey
Property taxes in Ringwood, 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 Ringwood is 3.97%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Ringwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ringwood 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 Ringwood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07456 zip code has the highest median property tax rate of 3.97%, while the same zip code also has the lowest median tax rate of 3.97%. Understanding how these cities compare with Ringwood 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 Ringwood Tax Rate
3.97%
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 Ringwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07456 | 3.63% | 3.94% | 3.96% | 3.97% | 3.97% |
Source: Ownwell
Property Tax Assessment Values Across Ringwood, New Jersey
In Ringwood, 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 Passaic 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 Ringwood, 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. The median home price in Ringwood is $282,700, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $9,401, and the 90th percentile tax bill is $16,758. The highest and lowest median tax bills in the area are both $11,023, found in the zip code 07456. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Ringwood Assessed Value
$282,700
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 Ringwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07456 | $205,750 | $243,300 | $282,700 | $341,000 | $425,400 |
Source: Ownwell
Property Tax Bills Across Ringwood, New Jersey
In Ringwood, 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 assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to compute the annual tax bill. Several factors influence the tax bill, including the overall market conditions, property improvements, and changes in local government budgets. For instance, in Ringwood, the median home price is $282,700, with tax bills ranging from $9,401 at the 25th percentile to $16,758 at the 90th percentile. The highest and lowest median tax bills in the area are both $11,023, highlighting the consistency in tax assessments within the 07456 zip code. These tax bills significantly impact homeowners, as they represent a substantial annual expense that must be budgeted for. Compared to the national median property tax rate of 0.99%, Ringwood's property tax rates can be considerably higher, reflecting the local funding needs and property values.
Average Ringwood Tax Bill
$11,023
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 Ringwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07456 | $7,966 | $9,401 | $11,023 | $13,416 | $16,758 |
Source: Ownwell