Hillsdale, New Jersey Property Taxes
The median property tax rate in Hillsdale, NJ is 3.00%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $453,600 in Hillsdale, the typical annual property tax bill reaches $13,567, far exceeding the national median of $2,690. Property taxes in Hillsdale are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsdale'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 Hillsdale 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
Hillsdale, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3%
Estimate Property Tax Bill
$13,608
Ownwell’s Hillsdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsdale 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 Hillsdale, New Jersey
Property taxes in Hillsdale, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsdale is 3.00%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hillsdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsdale 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 Hillsdale's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07642 zip code has the highest median property tax rate of 3.00%, while the same zip code also has the lowest median tax rate of 3.00%. Understanding how these areas compare with Hillsdale 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 Hillsdale Tax Rate
3.00%
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 Hillsdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07642 | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Hillsdale, New Jersey
In Hillsdale, 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 Hillsdale, 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. Hillsdale's zip code 07642 has the highest and lowest median tax bill at $13,567. Being aware of these valuation processes in Hillsdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hillsdale, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Hillsdale Assessed Value
$453,600
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 Hillsdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07642 | $351,640 | $395,400 | $453,600 | $536,625 | $624,700 |
Source: Ownwell
Property Tax Bills Across Hillsdale, New Jersey
In Hillsdale, NJ, property tax bills are determined based on the assessed value of a home, which is then multiplied by the local tax rate. The assessed value is typically a percentage of the market value, reflecting the property's worth. Factors such as property size, location, and improvements can influence this assessed value. Hillsdale homeowners face property tax bills that vary significantly; for instance, the 25th percentile tax bill is $11,851, while the 75th percentile reaches $16,084. The tax rate in Hillsdale is notably higher than the national median property tax rate of 0.99%. This means that homeowners in Hillsdale often pay more in property taxes compared to the national average, impacting their overall housing costs. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Hillsdale Tax Bill
$13,567
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 Hillsdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07642 | $10,530 | $11,851 | $13,567 | $16,084 | $18,735 |
Source: Ownwell