Cedar Grove, New Jersey Property Taxes
The median property tax rate in Cedar Grove, NJ is 2.56%, 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 Cedar Grove, the typical annual property tax bill reaches $10,944, exceeding the national median of $2,690. Property taxes in Cedar Grove 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 Cedar Grove'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 Cedar Grove 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
Cedar Grove, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$11,000
Ownwell’s Cedar Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Grove 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 Cedar Grove, New Jersey
Property taxes in Cedar Grove, 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 Cedar Grove is 2.56%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Cedar Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Grove 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 Cedar Grove's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07009 zip code has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these cities compare with Cedar Grove 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 Cedar Grove Tax Rate
2.56%
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 Cedar Grove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07009 | 2.56% | 2.56% | 2.56% | 2.56% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Grove, New Jersey
In Cedar Grove, 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 Cedar Grove, 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. Cedar Grove's property tax bills vary significantly, with the highest median tax bill being $10,944 in zip code 07009. 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 Cedar Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cedar Grove, New Jersey
Source: Ownwell
$16,100
$687,250
$1,358,400
Average Cedar Grove Assessed Value
$429,700
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 Cedar Grove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07009 | $316,000 | $374,775 | $429,700 | $525,625 | $656,650 |
Source: Ownwell
Property Tax Bills Across Cedar Grove, New Jersey
In Cedar Grove, Essex County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this calculation, including the home's market value, property improvements, and the overall tax rate set by local authorities. Homeowners in Cedar Grove face significant property tax bills, with the median tax bill being $10,944, reflecting the high property values in the area. For homes in the 25th percentile, the tax bill is approximately $9,602, while those in the 75th percentile face bills around $13,080. At the 90th percentile, homeowners can expect to pay up to $17,049 annually. These tax bills can be a substantial financial burden, particularly when compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as they navigate their financial responsibilities and plan for future expenses.
Average Cedar Grove Tax Bill
$10,944
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 Cedar Grove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07009 | $8,268 | $9,602 | $10,944 | $13,080 | $17,049 |
Source: Ownwell