Westwood, New Jersey Property Taxes
The median property tax rate in Westwood, NJ is 2.41%, 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 Westwood, the typical annual property tax bill reaches $11,114, exceeding the national median of $2,690. Property taxes in Westwood 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 Westwood'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 Westwood 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
Westwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$11,097
Ownwell’s Westwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westwood 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 Westwood, New Jersey
Property taxes in Westwood, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westwood is 2.41%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Westwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westwood 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 Westwood's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07675 zip code has the highest median property tax rate of 2.41%, while the same zip code also has the lowest median tax rate of 2.41%. Understanding how these areas compare with Westwood 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 Westwood Tax Rate
2.41%
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 Westwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07675 | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Westwood, New Jersey
In Westwood, 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 Westwood, 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. The median home price in Westwood is $460,450, with the 25th percentile tax bill at $9,695 and the 75th percentile tax bill at $13,073. The 90th percentile tax bill reaches $16,648. 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 Westwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Westwood, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Westwood Assessed Value
$460,450
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 Westwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07675 | $342,430 | $401,800 | $460,450 | $542,900 | $693,900 |
Source: Ownwell
Property Tax Bills Across Westwood, New Jersey
In Westwood, NJ, property tax bills are determined based on the assessed value of a home, which is then multiplied by the local tax rate set by Bergen County. Homeowners in Westwood experience a median home price of $460,450, and the property tax rate in this area is markedly higher than the national median of 0.99%. The tax bill varies significantly, with the 25th percentile at $9,695 and the 75th percentile reaching $13,073. For those in the 90th percentile, the tax bill can soar to $16,648. Several factors influence the tax bill, including the property's assessed value, local government budgets, and public service funding needs. High property taxes can affect homeowners by increasing their annual expenses, potentially making home ownership less affordable. However, these taxes also contribute to essential community services such as schools, emergency services, and infrastructure. Understanding these factors is crucial for homeowners to anticipate their financial obligations and the benefits derived from their property taxes.
Average Westwood Tax Bill
$11,114
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 Westwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07675 | $8,252 | $9,695 | $11,114 | $13,073 | $16,648 |
Source: Ownwell