Midland Park, New Jersey Property Taxes
The median property tax rate in Midland Park, NJ is 3.25%, 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 Midland Park, the typical annual property tax bill reaches $12,510, exceeding the national median of $2,690. Property taxes in Midland 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 Midland 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 Midland 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
Midland Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.25%
Estimate Property Tax Bill
$12,503
Ownwell’s Midland Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midland 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 Midland Park, New Jersey
Property taxes in Midland Park, 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 Midland Park is 3.25%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Midland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midland 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 Midland Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07432 zip code has both the highest and lowest median property tax rate of 3.25%. Understanding how these cities compare with Midland 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 Midland Park Tax Rate
3.25%
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 Midland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07432 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Midland Park, New Jersey
In Midland Park, NJ, 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 Midland 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. The median home price in Midland Park stands at $384,700. The highest median tax bill is $12,510 in zip code 07432, which is also the lowest median tax bill, indicating uniformity in tax rates. Being aware of these valuation processes in Midland Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Midland Park, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Midland Park Assessed Value
$384,700
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 Midland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07432 | $290,040 | $330,450 | $384,700 | $455,100 | $535,580 |
Source: Ownwell
Property Tax Bills Across Midland Park, New Jersey
In Midland Park, Bergen County, NJ, property tax bills are determined by evaluating the assessed value of a home and applying the local tax rate. The median home price in this area is $384,700, and the tax rate is significantly higher than the national median property tax rate of 0.99%. Homeowners in Midland Park can expect a tax bill that typically falls between $10,740 at the 25th percentile and $14,780 at the 75th percentile, with the 90th percentile reaching up to $17,399. Factors influencing property tax bills include the assessed value of the property, local government budgets, and public service funding needs. High property taxes in Midland Park can have a substantial impact on homeowners, increasing the overall cost of homeownership and potentially affecting property values. The highest and lowest median tax bills in the area are both recorded at $12,510 in zip code 07432, illustrating a relatively consistent tax landscape within this locality.
Average Midland Park Tax Bill
$12,510
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 Midland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07432 | $9,418 | $10,740 | $12,510 | $14,780 | $17,399 |
Source: Ownwell