Fairview, New Jersey Property Taxes
The median property tax rate in Fairview, NJ is 2.33%, 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 Fairview at $423,200, the typical annual property tax bill reaches $9,841, exceeding the national median of $2,690. Property taxes in Fairview 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 Fairview'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 Fairview or another part of Bergen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairview, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$9,861
Ownwell’s Fairview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairview 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 Bergen County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fairview, New Jersey
Property taxes in Fairview, 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 Fairview is 2.33%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Fairview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairview 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 Fairview's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07022 zip code has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Fairview 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 Fairview Tax Rate
2.33%
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 Fairview, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07022 | 2.33% | 2.33% | 2.33% | 2.33% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Fairview, New Jersey
In Fairview, 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 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 Fairview, 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 Fairview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07022 has the highest and lowest median tax bill at $9,841.
Property Tax Assessment Values Across Fairview, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Fairview Assessed Value
$423,200
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 Fairview, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07022 | $229,200 | $349,000 | $423,200 | $517,600 | $630,400 |
Source: Ownwell
Property Tax Bills Across Fairview, New Jersey
Property tax bills in Fairview, located in Bergen County, NJ, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically reassessed to reflect current market conditions. Several factors influence the tax bill, including property size, location, and any improvements made to the property. In Fairview, the median home price is $423,200, and homeowners experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $8,121, while at the 75th percentile, it rises to $12,035. At the 90th percentile, homeowners could see tax bills as high as $14,657. Comparatively, Fairview's property tax rates are significantly higher than the national median property tax rate of 0.99%. This can substantially impact homeowners, making property taxes a crucial consideration when purchasing or owning a home in this region.
Average Fairview Tax Bill
$9,841
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 Fairview, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07022 | $5,329 | $8,121 | $9,841 | $12,035 | $14,657 |
Source: Ownwell