Wanaque, New Jersey Property Taxes
The median property tax rate in Wanaque, NJ is 4.14%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $259,600 in Wanaque, the typical annual property tax bill reaches $10,379, far exceeding the national median of $2,690. Property taxes in Wanaque are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wanaque'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 Wanaque 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
Wanaque, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.14%
Estimate Property Tax Bill
$10,747
Ownwell’s Wanaque Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wanaque with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wanaque 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 Wanaque, New Jersey
Property taxes in Wanaque, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wanaque is 4.14%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Wanaque set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wanaque 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 Wanaque's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07465 has the highest median property tax rate of 4.14%, while the same zip code also has the lowest median tax rate of 4.14%. Understanding how these cities compare with Wanaque 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 Wanaque Tax Rate
4.14%
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 Wanaque, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07465 | 3.76% | 4.05% | 4.14% | 4.14% | 4.14% |
Source: Ownwell
Property Tax Assessment Values Across Wanaque, New Jersey
In Wanaque, 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 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 Wanaque, 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 Wanaque is $259,600, with tax bills ranging widely. For instance, the 25th percentile tax bill is $8,403, while the 75th percentile tax bill is $11,756. The highest median tax bill in Wanaque is $10,379, found in the 07465 zip code, which also has the lowest median tax bill. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wanaque Assessed Value
$259,600
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 Wanaque, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07465 | $8,500 | $208,700 | $259,600 | $287,600 | $342,420 |
Source: Ownwell
Property Tax Bills Across Wanaque, New Jersey
In Wanaque, NJ, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate, which is determined annually. The assessed value is an estimation of the property's market value, established by the local assessor's office. Various factors influence this assessment, including the property's size, age, location, and any improvements made. Homeowners in Wanaque face significant property tax bills, with the median tax bill standing at $10,379. This is substantially higher than the national median property tax rate of 0.99%. For instance, properties in the 25th percentile have tax bills around $8,403, while those in the 75th percentile face bills up to $11,756. At the 90th percentile, tax bills can reach as high as $13,938. These high property taxes can significantly impact homeowners, affecting affordability and potentially influencing decisions about buying or selling property in the area.
Average Wanaque Tax Bill
$10,379
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 Wanaque, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07465 | $352 | $8,403 | $10,379 | $11,756 | $13,938 |
Source: Ownwell