Ridgefield Park, New Jersey Property Taxes
The median property tax rate in Ridgefield Park, NJ is 3.13%, 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 Ridgefield Park at $359,500, the typical annual property tax bill reaches $11,243, far exceeding the national median of $2,690. Property taxes in Ridgefield Park are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ridgefield 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 Ridgefield 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
Ridgefield Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.13%
Estimate Property Tax Bill
$11,252
Ownwell’s Ridgefield Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgefield Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgefield 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 Ridgefield Park, New Jersey
Property taxes in Ridgefield 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 Ridgefield Park is 3.13%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Ridgefield Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgefield 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 Ridgefield Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07660 has the highest median property tax rate of 3.13%, while the same zip code also has the lowest median tax rate of 3.13%. Understanding how these cities compare with Ridgefield 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 Ridgefield Park Tax Rate
3.13%
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 Ridgefield Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07660 | 3.13% | 3.13% | 3.13% | 3.13% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Ridgefield Park, New Jersey
In Ridgefield 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 Ridgefield 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. For example, the median home price in Ridgefield Park is $359,500, with tax bills ranging from $10,079 at the 25th percentile to $14,575 at the 90th percentile. 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 Ridgefield Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Ridgefield Park, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Ridgefield Park Assessed Value
$359,500
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 Ridgefield Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07660 | $285,160 | $322,200 | $359,500 | $405,850 | $467,340 |
Source: Ownwell
Property Tax Bills Across Ridgefield Park, New Jersey
In Ridgefield Park, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Ridgefield Park face a significant tax burden, with the median tax bill reaching $11,243, which is considerably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, homeowners at the 25th percentile pay around $10,079 annually, while those at the 75th percentile pay up to $12,702. At the 90th percentile, the tax bill can soar to $14,575. These high property tax bills can have a substantial impact on homeowners, affecting their overall cost of living and potentially influencing decisions about homeownership and residency in Ridgefield Park.
Average Ridgefield Park Tax Bill
$11,243
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 Ridgefield Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07660 | $8,919 | $10,079 | $11,243 | $12,702 | $14,575 |
Source: Ownwell