Green Village, New Jersey Property Taxes
The median property tax rate in Green Village, NJ is 1.76%, 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 Green Village at $631,800, the typical annual property tax bill reaches $9,765, exceeding the national median of $2,690. Property taxes in Green Village 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 Green Village'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 Green Village 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
Green Village, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$11,120
Ownwell’s Green Village Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Green Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Village to provide an estimate of your property tax bill. This valuable 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 Morris County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Green Village, New Jersey
Property taxes in Green Village, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Village is 1.76%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Green Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Village 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 Green Village's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07935 has both the highest and lowest median property tax rate of 1.76%. Understanding how these areas compare with Green Village provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Green Village Tax Rate
1.76%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Green Village, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07935 | 1.11% | 1.11% | 1.76% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Green Village, New Jersey
In Green Village, 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 Morris 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 Green Village, 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 Green Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 07935, with a median tax bill of $9,765.
Property Tax Assessment Values Across Green Village, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Green Village Assessed Value
$631,800
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Green Village, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07935 | $379,460 | $455,800 | $631,800 | $1,072,500 | $1,817,040 |
Source: Ownwell
Property Tax Bills Across Green Village, New Jersey
In Green Village, 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 Morris County tax assessor and aims to reflect the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Green Village is $631,800, significantly higher than the national median, leading to higher tax liabilities for homeowners. Factors such as property improvements, neighborhood changes, and market conditions can affect the assessed value. Homeowners in Green Village face tax bills ranging from $7,283 at the 25th percentile to $21,936 at the 90th percentile. The median tax bill for the area is $9,765, which is substantially higher compared to the national median property tax rate of 0.99%. These high property taxes can influence homeowners' financial planning and decisions, making it crucial to understand the factors impacting their tax obligations.
Average Green Village Tax Bill
$9,765
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Village, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07935 | $5,173 | $7,283 | $9,765 | $16,338 | $21,936 |
Source: Ownwell