Essex Fells, New Jersey Property Taxes
The median property tax rate in Essex Fells, NJ is 2.19%, 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 Essex Fells at $813,200, the typical annual property tax bill reaches $17,762, far exceeding the national median of $2,690. Property taxes in Essex Fells 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 Essex Fells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Essex Fells 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
Essex Fells, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$17,809
Ownwell’s Essex Fells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Essex Fells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Essex Fells 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 Essex Fells, New Jersey
Property taxes in Essex Fells, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Essex Fells is 2.19%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Essex Fells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Essex Fells 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 Essex Fells' effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07021 has the highest median property tax rate of 2.19%, while the same zip code also has the lowest median tax rate of 2.19%. Understanding how these cities compare with Essex Fells 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 Essex Fells Tax Rate
2.19%
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 Essex Fells, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07021 | 2.19% | 2.19% | 2.19% | 2.19% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Essex Fells, New Jersey
In Essex Fells, 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 Essex Fells, 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 Essex Fells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Essex Fells is $813,200, with the highest and lowest median tax bills in zip code 07021, both at $17,762.
Property Tax Assessment Values Across Essex Fells, New Jersey
Source: Ownwell
$16,100
$687,250
$1,358,400
Average Essex Fells Assessed Value
$813,200
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 Essex Fells, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07021 | $486,570 | $588,175 | $813,200 | $1,120,150 | $1,548,390 |
Source: Ownwell
Property Tax Bills Across Essex Fells, New Jersey
In Essex Fells, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Essex Fells is $813,200, which significantly influences the tax bill. The local tax rate, in conjunction with this assessed value, determines the overall tax liability for homeowners. Factors such as property improvements, market conditions, and local government budgets also play a role in determining the assessed value. Homeowners in Essex Fells face substantial property tax bills, with the 25th percentile at $12,869 and the 75th percentile reaching $24,509. The 90th percentile tax bill can be as high as $33,879. These figures are considerably above the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $17,762, indicating a uniformity in tax assessments within the zip code 07021. High property taxes can impact homeowners by increasing the overall cost of homeownership and potentially affecting the local real estate market.
Average Essex Fells Tax Bill
$17,762
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 Essex Fells, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07021 | $10,670 | $12,869 | $17,762 | $24,509 | $33,879 |
Source: Ownwell