Ridgewood, New Jersey Property Taxes
The median property tax rate in Ridgewood, NJ is 2.73%, 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 Ridgewood at $598,800, the typical annual property tax bill reaches $16,362, significantly exceeding the national median of $2,690. Property taxes in Ridgewood 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 Ridgewood'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 Ridgewood 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
Ridgewood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.73%
Estimate Property Tax Bill
$16,347
Ownwell’s Ridgewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgewood 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 Ridgewood, New Jersey
Property taxes in Ridgewood, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgewood is 2.73%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Ridgewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgewood 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 Ridgewood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07450 has the highest median property tax rate of 2.73%, while the lowest median tax rate is also 2.73%. Understanding how these areas compare with Ridgewood 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 Ridgewood Tax Rate
2.73%
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 Ridgewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07450 | 2.73% | 2.73% | 2.73% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Ridgewood, New Jersey
In Ridgewood, 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 Ridgewood, 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 Ridgewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, Ridgewood's highest and lowest median tax bills are both in the 07450 zip code, amounting to $16,362.
Property Tax Assessment Values Across Ridgewood, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Ridgewood Assessed Value
$598,800
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 Ridgewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07450 | $405,080 | $479,750 | $598,800 | $819,250 | $1,146,560 |
Source: Ownwell
Property Tax Bills Across Ridgewood, New Jersey
In Ridgewood, Bergen County, 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 local tax assessor and is meant to reflect the market value of the property. Ridgewood has some of the highest property tax rates in the nation, with a median tax bill of $16,362. This is significantly higher than the national median property tax rate of 0.99%. Factors that influence the tax bill include the home's market value, changes in local tax rates, and any applicable exemptions or abatements. For instance, the tax bill for the 25th percentile is $13,105, while the 75th percentile sees bills around $22,370. Homeowners at the 90th percentile face tax bills as high as $31,321. These high property taxes can have a substantial impact on homeowners, affecting their overall cost of living and potentially influencing decisions about homeownership and property investments.
Average Ridgewood Tax Bill
$16,362
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 Ridgewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07450 | $11,080 | $13,105 | $16,362 | $22,370 | $31,321 |
Source: Ownwell