Bloomfield, New Jersey Property Taxes
The median property tax rate in Bloomfield, NJ is 3.20%, 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 Bloomfield at $359,000, the typical annual property tax bill reaches $11,468, significantly exceeding the national median of $2,690. Property taxes in Bloomfield 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 Bloomfield'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 Bloomfield 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
Bloomfield, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$11,488
Ownwell’s Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Essex County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bloomfield, New Jersey
Property taxes in Bloomfield, 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 Bloomfield is 3.20%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07003 zip code has the highest median property tax rate of 3.20%, while the same zip code also has the lowest median tax rate of 3.20%. Understanding how these cities compare with Bloomfield provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomfield Tax Rate
3.20%
Average Essex County Tax Rate
3.51%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07003 | 3.20% | 3.20% | 3.20% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, New Jersey
In Bloomfield, 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 Essex 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 Bloomfield, 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 Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07003 has both the highest and lowest median tax bill at $11,468, reflecting the variability in property values within the area.
Property Tax Assessment Values Across Bloomfield, New Jersey
Source: Ownwell
$16,100
$687,250
$1,358,400
Average Bloomfield Assessed Value
$359,000
Average Essex County Assessed Value
$335,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07003 | $218,300 | $302,100 | $359,000 | $416,900 | $472,600 |
Source: Ownwell
Property Tax Bills Across Bloomfield, New Jersey
In Bloomfield, Essex County, NJ, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local assessors. Bloomfield's property tax rate is significantly higher than the national median of 0.99%, impacting homeowners substantially. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For instance, the median home price in Bloomfield is $359,000, and the median tax bill is $11,468, which can be quite burdensome for homeowners. The 25th percentile tax bill is $9,667, while the 75th percentile reaches $13,324, and the 90th percentile hits $15,065. These high property tax rates mean that homeowners in Bloomfield need to budget carefully to manage these expenses. The elevated tax bills can also affect the overall affordability of living in this area, making it crucial for homeowners to stay informed and explore potential exemptions or appeal options to reduce their financial burden.
Average Bloomfield Tax Bill
$11,468
Average Essex County Tax Bill
$11,297
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07003 | $6,993 | $9,667 | $11,468 | $13,324 | $15,065 |
Source: Ownwell