Montclair, New Jersey Property Taxes
The median property tax rate in Montclair, NJ is 3.29%, 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 Montclair at $586,600, the typical annual property tax bill reaches $19,355, far exceeding the national median of $2,690. Property taxes in Montclair 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 Montclair'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 Montclair 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
Montclair, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.29%
Estimate Property Tax Bill
$19,299
Ownwell’s Montclair Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montclair with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montclair 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 Montclair, New Jersey
Property taxes in Montclair, 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 Montclair is 3.29%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Montclair set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montclair 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 Montclair's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07042 zip code has the highest median property tax rate of 3.29%, while the 07042 zip code also has the lowest median tax rate of 3.29%. Understanding how these cities compare with Montclair 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 Montclair Tax Rate
3.29%
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 Montclair, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07042 | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% |
| 07043 | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Montclair, New Jersey
In Montclair, 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 Montclair, 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. For instance, the highest median tax bill in Montclair is $22,368 in the 07043 zip code, while the lowest median tax bill is $16,091 in the 07042 zip code. 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 Montclair helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montclair Assessed Value
$586,600
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 Montclair, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07042 | $254,010 | $336,025 | $486,650 | $704,825 | $986,870 |
| 07043 | $477,550 | $569,225 | $680,550 | $818,675 | $1,024,850 |
Source: Ownwell
Property Tax Bills Across Montclair, New Jersey
In Montclair, Essex 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 assessor's office, which evaluates the market value of the property. The tax rate is set by local government entities, including the county, municipality, and school districts, to meet budgetary needs. Homeowners in Montclair face a significant tax burden, with the median property tax rate in New Jersey being one of the highest in the nation. For instance, in the zip code 07043, the highest median tax bill reaches $22,368, while in 07042, it is lower at $16,091. The impact on homeowners is substantial, with tax bills ranging from $12,997 at the 25th percentile to $33,096 at the 90th percentile. This high tax rate can influence home affordability and overall cost of living, making it crucial for residents to understand how their tax bills are determined and to explore potential exemptions or appeals.
Average Montclair Tax Bill
$19,355
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 Montclair, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07042 | $8,357 | $11,015 | $16,091 | $23,263 | $32,553 |
| 07043 | $15,671 | $18,656 | $22,368 | $26,896 | $33,639 |
Source: Ownwell