Elmwood Park, New Jersey Property Taxes
The median property tax rate in Elmwood Park, NJ is 3.01%, 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 Elmwood Park at $309,500, the typical annual property tax bill reaches $9,322, far exceeding the national median of $2,690. Property taxes in Elmwood Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Elmwood Park'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 Elmwood Park 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
Elmwood Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.01%
Estimate Property Tax Bill
$9,316
Ownwell’s Elmwood Park Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elmwood Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmwood Park 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 Elmwood Park, New Jersey
Property taxes in Elmwood Park, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmwood Park is 3.01%, significantly higher than the U.S. national median of 0.99%. Local government entities within Elmwood Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmwood Park 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 Elmwood Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07407 zip code has the highest median property tax rate of 3.01%, while the same zip code also has the lowest median tax rate of 3.01%. Understanding how these cities compare with Elmwood Park 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 Elmwood Park Tax Rate
3.01%
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 Elmwood Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07407 | 3.01% | 3.01% | 3.01% | 3.01% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Elmwood Park, New Jersey
In Elmwood Park, 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 Bergen County Assessor 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 Elmwood Park, 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 Elmwood Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07407 has both the highest and lowest median tax bill at $9,322, which is significantly higher than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Elmwood Park, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Elmwood Park Assessed Value
$309,500
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 Elmwood Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07407 | $249,900 | $270,700 | $309,500 | $380,000 | $466,150 |
Source: Ownwell
Property Tax Bills Across Elmwood Park, New Jersey
In Elmwood Park, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property improvements, neighborhood developments, and market conditions can influence the assessed value. For homeowners in Elmwood Park, the median home price stands at $309,500. Consequently, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $8,153, while the 75th percentile reaches $11,437, and the 90th percentile hits $14,006. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in this region. Homeowners must budget for these substantial tax bills, which can impact overall affordability and financial planning. Understanding how these taxes are calculated is crucial for managing long-term housing costs effectively.
Average Elmwood Park Tax Bill
$9,322
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 Elmwood Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07407 | $7,524 | $8,153 | $9,322 | $11,437 | $14,006 |
Source: Ownwell