Allendale, New Jersey Property Taxes
The median property tax rate in Allendale, NJ is 2.28%, 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 Allendale at $644,400, the typical annual property tax bill reaches $14,673, far exceeding the national median of $2,690. Property taxes in Allendale 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 Allendale'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 Allendale 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
Allendale, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$14,692
Ownwell’s Allendale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Allendale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allendale 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 Allendale, New Jersey
Property taxes in Allendale, 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 Allendale is 2.28%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Allendale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Allendale 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 Allendale's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07401 zip code has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these cities compare with Allendale provides valuable insights into the varying tax landscape across Bergen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allendale Tax Rate
2.28%
Average Bergen County Tax Rate
2.73%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allendale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07401 | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Allendale, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Allendale, 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 Bergen 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 Allendale, 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. For instance, the highest and lowest median tax bills in Allendale are both $14,673, found in the 07401 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Allendale, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Allendale Assessed Value
$644,400
Average Bergen County Assessed Value
$421,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allendale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07401 | $447,040 | $523,100 | $644,400 | $864,600 | $1,130,700 |
Source: Ownwell
Property Tax Bills Across Allendale, New Jersey
In Allendale, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local tax assessors. Factors such as the home's size, location, and condition can influence its market value, and consequently, its assessed value. Homeowners in Allendale, located in Bergen County, NJ, face significant property tax bills. For example, the median home price in Allendale is $644,400. The tax bill for homes in the 25th percentile is $11,911, while those in the 75th percentile see bills around $19,690. At the 90th percentile, tax bills can reach up to $25,691. These substantial tax bills can impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions about buying or selling property. Compared to the national median property tax rate of 0.99%, Allendale's property taxes are notably higher, reflecting the area's higher property values and tax rates.
Average Allendale Tax Bill
$14,673
Average Bergen County Tax Bill
$11,253
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Allendale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07401 | $10,175 | $11,911 | $14,673 | $19,690 | $25,691 |
Source: Ownwell