Northvale, New Jersey Property Taxes
The median property tax rate in Northvale, NJ is 3.02%, 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 Northvale at $382,200, the typical annual property tax bill reaches $11,542, exceeding the national median of $2,690. Property taxes in Northvale 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 Northvale'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 Northvale 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
Northvale, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.02%
Estimate Property Tax Bill
$11,542
Ownwell’s Northvale Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Northvale with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Northvale to project your property tax bill. This valuable tool helps you gauge potential tax liabilities. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Northvale, New Jersey
Property taxes in Northvale, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northvale is 3.02%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Northvale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northvale 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 Northvale's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07647 zip code has the highest median property tax rate of 3.02%, while the same zip code also has the lowest median tax rate of 3.02%. Understanding how these cities compare with Northvale 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 Northvale Tax Rate
3.02%
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 Northvale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07647 | 3.02% | 3.02% | 3.02% | 3.02% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Northvale, New Jersey
In Northvale, 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 Northvale, 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 Northvale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07647 has both the highest and lowest median tax bill at $11,542.
Property Tax Assessment Values Across Northvale, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Northvale Assessed Value
$382,200
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 Northvale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07647 | $290,950 | $339,800 | $382,200 | $439,400 | $516,750 |
Source: Ownwell
Property Tax Bills Across Northvale, New Jersey
In Northvale, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, which in Northvale has a median home price of $382,200. The local tax rate in Bergen County can significantly impact the final tax bill, which varies across different percentiles. For instance, homeowners in the 25th percentile can expect a tax bill around $10,262, while those in the 75th percentile might see bills closer to $13,270. The highest tax bills, at the 90th percentile, can reach up to $15,606. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher cost of living and property values in Northvale. Homeowners need to consider these factors when budgeting for annual expenses, as property taxes can substantially affect overall homeownership costs.
Average Northvale Tax Bill
$11,542
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 Northvale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07647 | $8,787 | $10,262 | $11,542 | $13,270 | $15,606 |
Source: Ownwell