Kenvil, New Jersey Property Taxes
The median property tax rate in Kenvil, NJ is 2.63%, 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 Kenvil at $269,300, the typical annual property tax bill reaches $7,008, exceeding the national median of $2,690. Property taxes in Kenvil 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 Kenvil'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 Kenvil or another part of Morris County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kenvil, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$7,083
Ownwell’s Kenvil Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kenvil with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kenvil 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 Kenvil, New Jersey
Property taxes in Kenvil, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenvil is 2.63%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Kenvil set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenvil 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 Kenvil's effective property tax rate to other areas in Morris County and the national median. For comparison, the 07847 zip code has the highest median property tax rate of 2.63%, while the same zip code also has the lowest median tax rate of 2.63%. Understanding how these areas compare with Kenvil 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 Kenvil Tax Rate
2.63%
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 Kenvil, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07847 | 2.43% | 2.63% | 2.63% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Kenvil, New Jersey
In Kenvil, 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 Kenvil, 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 Kenvil helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07847 has a median tax bill of $7,008, reflecting the local property tax landscape.
Average Kenvil Assessed Value
$269,300
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 Kenvil, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07847 | $203,160 | $233,700 | $269,300 | $320,850 | $368,750 |
Source: Ownwell
Property Tax Bills Across Kenvil, New Jersey
In Kenvil, Morris County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to generate the annual property tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Kenvil experience a range of property tax bills. For instance, those in the 25th percentile pay around $6,041 annually, while those in the 75th percentile see bills closer to $8,301. The 90th percentile reaches up to $9,510. Compared to the national median property tax rate of 0.99%, Kenvil's property tax bills are significantly higher, reflecting the area's higher property values and tax rates. These property taxes fund essential community services such as schools, public safety, and infrastructure maintenance. While the costs can be substantial, they contribute to the overall quality of life in the area. Homeowners should be aware of these factors when budgeting for homeownership in Kenvil.
Average Kenvil Tax Bill
$7,008
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 Kenvil, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07847 | $5,197 | $6,041 | $7,008 | $8,301 | $9,510 |
Source: Ownwell