Stockholm, New Jersey Property Taxes
The median property tax rate in Stockholm, NJ is 3.99%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Stockholm at $359,650, the typical annual property tax bill reaches $14,346, far exceeding the national median of $2,690. Property taxes in Stockholm 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 Stockholm'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 Stockholm 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
Stockholm, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.99%
Estimate Property Tax Bill
$14,350
Ownwell’s Stockholm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stockholm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stockholm 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 Stockholm, New Jersey
Property taxes in Stockholm, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stockholm is 3.99%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Stockholm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stockholm 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 Stockholm's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07460 zip code has the highest median property tax rate of 3.99%, while the same zip code also has the lowest median tax rate of 3.99%. Understanding how these cities compare with Stockholm 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 Stockholm Tax Rate
3.99%
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 Stockholm, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07460 | 3.55% | 3.99% | 3.99% | 3.99% | 3.99% |
Source: Ownwell
Property Tax Assessment Values Across Stockholm, New Jersey
In Stockholm, 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 Stockholm, 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 Stockholm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07460 has the highest median tax bill of $14,346.
Average Stockholm Assessed Value
$359,650
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 Stockholm, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07460 | $138,120 | $268,300 | $359,650 | $413,600 | $448,160 |
Source: Ownwell
Property Tax Bills Across Stockholm, New Jersey
In Stockholm, 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 tax assessor and represents a percentage of the property's market value. Homeowners in this area face significant property tax bills, with the median home price at $359,650. The tax bill can vary widely, from the 25th percentile at $10,049 to the 75th percentile at $16,258, and even reaching $17,765 at the 90th percentile. These figures are considerably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. For homeowners, this means a substantial portion of their annual budget must be allocated to property taxes, impacting their overall financial planning. Understanding these factors is crucial for managing expenses and anticipating future tax obligations.
Average Stockholm Tax Bill
$14,346
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 Stockholm, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07460 | $5,510 | $10,049 | $14,346 | $16,258 | $17,765 |
Source: Ownwell