North Caldwell, New Jersey Property Taxes
The median property tax rate in North Caldwell, NJ is 2.18%, 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 North Caldwell, the typical annual property tax bill reaches $29,600, exceeding the national median of $2,690. Property taxes in North Caldwell 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 North Caldwell'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 North Caldwell 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
North Caldwell, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.18%
Estimate Property Tax Bill
$29,613
Ownwell’s North Caldwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Caldwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Caldwell 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 North Caldwell, New Jersey
Property taxes in North Caldwell, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Caldwell is 2.18%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within North Caldwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Caldwell 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 North Caldwell's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07006 zip code has the highest median property tax rate of 2.18%, while the same zip code also has the lowest median tax rate of 2.18%. Understanding how these cities compare with North Caldwell 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 North Caldwell Tax Rate
2.18%
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 North Caldwell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07006 | 2.18% | 2.18% | 2.18% | 2.18% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across North Caldwell, New Jersey
In North Caldwell, 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 North Caldwell, 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 North Caldwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07006 has both the highest and lowest median tax bill, standing at $29,600.
Property Tax Assessment Values Across North Caldwell, New Jersey
Source: Ownwell
$16,100
$687,250
$1,358,400
Average North Caldwell Assessed Value
$1,358,400
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 North Caldwell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07006 | $496,460 | $1,187,300 | $1,358,400 | $1,381,400 | $1,458,060 |
Source: Ownwell
Property Tax Bills Across North Caldwell, New Jersey
In North Caldwell, 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 county assessor and is intended to reflect a percentage of the property's market value. Homeowners in North Caldwell face a significant tax burden, with the median home price at $1,358,400. Tax bills in this area range widely, with the 25th percentile at $25,871 and the 75th percentile reaching $30,101. The highest median tax bill recorded in the region is $29,600, which is substantially higher than the national median property tax rate of 0.99%. This high tax rate can significantly impact homeowners, making property taxes a major consideration in their annual budgets. Factors such as local government budgets, school funding, and public services contribute to these tax rates, influencing how much homeowners ultimately pay.
Average North Caldwell Tax Bill
$29,600
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 North Caldwell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07006 | $14,273 | $25,871 | $29,600 | $30,101 | $31,771 |
Source: Ownwell