Garfield, New Jersey Property Taxes
The median property tax rate in Garfield, NJ is 3.12%, 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 Garfield at $272,300, the typical annual property tax bill reaches $8,487, far exceeding the national median of $2,690. Property taxes in Garfield are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Garfield'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 Garfield 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
Garfield, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.12%
Estimate Property Tax Bill
$8,496
Ownwell’s Garfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garfield 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 Garfield, New Jersey
Property taxes in Garfield, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garfield is 3.12%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Garfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garfield 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 Garfield's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07026 zip code has the highest median property tax rate of 3.12%, while the same zip code also has the lowest median tax rate of 3.12%. Understanding how these cities compare with Garfield 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 Garfield Tax Rate
3.12%
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 Garfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07026 | 3.12% | 3.12% | 3.12% | 3.12% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Garfield, New Jersey
In Garfield, 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 Garfield, 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 Garfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Garfield is $272,300, with tax bills ranging from $7,367 at the 25th percentile to $12,087 at the 90th percentile. Notably, the zip code 07026 has the highest and lowest median tax bill at $8,487.
Property Tax Assessment Values Across Garfield, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Garfield Assessed Value
$272,300
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 Garfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07026 | $202,800 | $236,325 | $272,300 | $319,275 | $387,510 |
Source: Ownwell
Property Tax Bills Across Garfield, New Jersey
In Garfield, Bergen 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 home's market value, and this figure is then subjected to the local tax rate, which varies annually based on municipal budgets and school funding requirements. For homeowners in Garfield, the median home price stands at $272,300. Tax bills can vary significantly, with the 25th percentile at $7,367 and the 75th percentile reaching $9,956. The 90th percentile tax bill can go as high as $12,087. These property taxes are higher than the national median property tax rate of 0.99%, reflecting the higher cost of living and property values in the region. Homeowners in Garfield face substantial property tax bills, which can impact their overall financial planning and housing affordability. The highest and lowest median tax bills in Garfield are both recorded at $8,487 in the 07026 zip code, indicating a relatively uniform tax burden within that area.
Average Garfield Tax Bill
$8,487
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 Garfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07026 | $6,324 | $7,367 | $8,487 | $9,956 | $12,087 |
Source: Ownwell