Fort Lee, New Jersey Property Taxes
The median property tax rate in Fort Lee, NJ is 2.48%, 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 Fort Lee, the typical annual property tax bill reaches $10,674, exceeding the national median of $2,690. Property taxes in Fort Lee 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 Fort Lee'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 Fort Lee 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
Fort Lee, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$10,654
Ownwell’s Fort Lee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fort Lee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fort Lee 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 Fort Lee, New Jersey
Property taxes in Fort Lee, 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 Fort Lee is 2.48%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Fort Lee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Lee 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 Fort Lee's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07024 zip code has the highest median property tax rate of 2.48%, while the same 07024 zip code also has the lowest median tax rate of 2.48%. Understanding how these areas compare with Fort Lee 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 Fort Lee Tax Rate
2.48%
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 Fort Lee, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07024 | 2.48% | 2.48% | 2.48% | 2.48% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Fort Lee, New Jersey
In Fort Lee, 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 Tax 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 Fort Lee, 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 median home price in Fort Lee is $429,600, with tax bills ranging from $6,828 at the 25th percentile to $19,751 at the 90th percentile. The highest and lowest median tax bills are both $10,674 in the 07024 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 Fort Lee, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Fort Lee Assessed Value
$429,600
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 Fort Lee, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07024 | $191,160 | $275,000 | $429,600 | $598,700 | $796,760 |
Source: Ownwell
Property Tax Bills Across Fort Lee, New Jersey
In Fort Lee, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the municipal assessor and reflects the home's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $429,600, homeowners in Fort Lee can expect varying tax bills. At the 25th percentile, the tax bill is around $6,828, while at the 75th percentile, it rises to $14,848. The 90th percentile sees tax bills reaching up to $19,751. Compared to the national median property tax rate of 0.99%, Fort Lee's rates are significantly higher, impacting homeowners by increasing their annual financial obligations. The highest and lowest median tax bills in Fort Lee both stand at $10,674, indicating a consistent tax rate across the area. This high property tax rate can influence decisions on homeownership and affordability in the region.
Average Fort Lee Tax Bill
$10,674
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 Fort Lee, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07024 | $4,767 | $6,828 | $10,674 | $14,848 | $19,751 |
Source: Ownwell