Andover, New Jersey Property Taxes
The median property tax rate in Andover, NJ is 3.68%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Andover at $267,350, the typical annual property tax bill reaches $9,592, far exceeding the national median of $2,690. Property taxes in Andover are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Andover's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Andover 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
Andover, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.68%
Estimate Property Tax Bill
$9,838
Ownwell’s Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andover 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 Andover, New Jersey
Property taxes in Andover, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 3.68%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andover 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 Andover's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07821 zip code has the highest median property tax rate of 3.68%, while the same zip code also has the lowest median tax rate of 3.68%. Understanding how these cities compare with Andover provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
3.68%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | 3.04% | 3.43% | 3.68% | 3.68% | 3.84% |
Source: Ownwell
Property Tax Assessment Values Across Andover, New Jersey
In Andover, 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 Sussex 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07821 has the highest and lowest median tax bill, both at $9,592, reflecting the uniformity in property tax assessments within the area.
Average Andover Assessed Value
$267,350
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | $149,990 | $197,600 | $267,350 | $377,400 | $475,310 |
Source: Ownwell
Property Tax Bills Across Andover, New Jersey
In Andover, Sussex County, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local tax assessors. Homeowners in Andover face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $6,846, while the 75th percentile reaches $13,716, and the 90th percentile can be as high as $17,266. These tax bills are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. Homeowners in the 07821 zip code experience the highest median tax bill at $9,592, which is also the lowest median tax bill reported, indicating a consistent tax rate across the area. High property taxes can significantly impact homeowners by increasing the overall cost of homeownership, influencing decisions on purchasing and maintaining properties in Andover.
Average Andover Tax Bill
$9,592
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | $5,215 | $6,846 | $9,592 | $13,716 | $17,266 |
Source: Ownwell