Harrington Park, New Jersey Property Taxes
The median property tax rate in Harrington Park, NJ is 2.98%, 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 Harrington Park at $523,400, the typical annual property tax bill reaches $15,603, far exceeding the national median of $2,690. Property taxes in Harrington Park 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 Harrington 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 Harrington 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
Harrington Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$15,597
Ownwell’s Harrington Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harrington Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harrington 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 Harrington Park, New Jersey
Property taxes in Harrington Park, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harrington Park is 2.98%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Harrington Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harrington 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 Harrington Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07640 zip code has the highest median property tax rate of 2.98%, while the same zip code also has the lowest median tax rate of 2.98%. Understanding how these cities compare with Harrington 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 Harrington Park Tax Rate
2.98%
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 Harrington Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07640 | 2.98% | 2.98% | 2.98% | 2.98% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Harrington Park, New Jersey
In Harrington 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 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 Harrington 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 Harrington Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Harrington Park is $523,400, with the median tax bill standing at $15,603.
Property Tax Assessment Values Across Harrington Park, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Harrington Park Assessed Value
$523,400
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 Harrington Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07640 | $387,700 | $452,600 | $523,400 | $610,500 | $744,000 |
Source: Ownwell
Property Tax Bills Across Harrington Park, New Jersey
In Harrington Park, 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 Bergen County tax assessor and is meant to reflect the market value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, the median home price in Harrington Park is $523,400. Given this value, homeowners can expect a tax bill ranging from $13,492 at the 25th percentile to $22,179 at the 90th percentile. The highest median tax bill recorded in the area is $15,603, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as public schools, infrastructure, and emergency services. Homeowners in Harrington Park should be aware of these factors as they directly influence their annual financial obligations and the quality of community services they receive.
Average Harrington Park Tax Bill
$15,603
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 Harrington Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07640 | $11,542 | $13,492 | $15,603 | $18,199 | $22,179 |
Source: Ownwell