Odenville, New Jersey Property Taxes
The median property tax rate in Odenville, NJ is 3.74%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $146,800 in Odenville, the typical annual property tax bill reaches $5,484, far exceeding the national median of $2,690. Property taxes in Odenville 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 Odenville'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 Odenville 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
Odenville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.74%
Estimate Property Tax Bill
$5,490
Ownwell’s Odenville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Odenville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Odenville 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 Odenville, New Jersey
Property taxes in Odenville, 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 Odenville is 3.74%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Odenville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Odenville 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 Odenville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 35120 has the highest median property tax rate of 3.74%, while the same zip code also has the lowest median tax rate of 3.74%. Understanding how these cities compare with Odenville 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 Odenville Tax Rate
3.74%
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 Odenville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35120 | 3.74% | 3.74% | 3.74% | 3.74% | 3.74% |
Source: Ownwell
Property Tax Assessment Values Across Odenville, New Jersey
In Odenville, 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 Odenville, 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 Odenville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,484, found in zip code 35120.
Average Odenville Assessed Value
$146,800
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 Odenville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35120 | $146,800 | $146,800 | $146,800 | $146,800 | $146,800 |
Source: Ownwell
Property Tax Bills Across Odenville, New Jersey
In Odenville, Essex County, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. Property taxes are then calculated by multiplying the assessed value by the local tax rate. For instance, with a median home price of $146,800, homeowners in Odenville can expect a median tax bill of $5,484. This rate is significantly higher than the national median property tax rate of 0.99%, reflecting the higher local tax burden. Several factors influence the tax bill, including property improvements, market conditions, and local budget needs. Higher tax bills can impact homeowners by increasing their annual expenses, potentially affecting affordability and home values. Despite the higher tax rates, these funds are crucial for supporting local services such as schools, public safety, and infrastructure, which in turn can enhance community well-being and property values over time.
Average Odenville Tax Bill
$5,484
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 Odenville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35120 | $5,484 | $5,484 | $5,484 | $5,484 | $5,484 |
Source: Ownwell