Teaneck, New Jersey Property Taxes
The median property tax rate in Teaneck, NJ is 3.24%, 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 Teaneck at $331,500, the typical annual property tax bill reaches $10,734, exceeding the national median of $2,690. Property taxes in Teaneck 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 Teaneck'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 Teaneck 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
Teaneck, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.24%
Estimate Property Tax Bill
$10,741
Ownwell’s Teaneck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Teaneck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Teaneck 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 Teaneck, New Jersey
Property taxes in Teaneck, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Teaneck is 3.24%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Teaneck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Teaneck 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 Teaneck's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07666 zip code has the highest median property tax rate of 3.24%, while the same zip code also has the lowest median tax rate of 3.24%. Understanding how these figures compare with Teaneck 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 Teaneck Tax Rate
3.24%
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 Teaneck, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07666 | 3.24% | 3.24% | 3.24% | 3.24% | 3.24% |
Source: Ownwell
Property Tax Assessment Values Across Teaneck, New Jersey
In Teaneck, 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 Teaneck, 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 Teaneck helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Teaneck's median home price is $331,500, with tax bills ranging from $9,300 at the 25th percentile to $18,885 at the 90th percentile. The highest and lowest median tax bills are both $10,734 in the 07666 zip code.
Property Tax Assessment Values Across Teaneck, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Teaneck Assessed Value
$331,500
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 Teaneck, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07666 | $246,600 | $287,300 | $331,500 | $415,975 | $583,570 |
Source: Ownwell
Property Tax Bills Across Teaneck, New Jersey
In Teaneck, located in 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 intended to reflect the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $331,500, homeowners in Teaneck can expect varying tax bills. The 25th percentile tax bill is around $9,300, while the 75th percentile tax bill reaches approximately $13,458. At the 90th percentile, homeowners might see tax bills as high as $18,885. Notably, the median tax bill in Teaneck is $10,734, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting the quality of life for homeowners in the area.
Average Teaneck Tax Bill
$10,734
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 Teaneck, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07666 | $7,986 | $9,300 | $10,734 | $13,458 | $18,885 |
Source: Ownwell