Mount Freedom, New Jersey Property Taxes
The median property tax rate in Mount Freedom, NJ is 2.65%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Mount Freedom at $294,950, the typical annual property tax bill reaches $7,822, far exceeding the national median of $2,690. Property taxes in Mount Freedom are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Freedom'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 Mount Freedom 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
Mount Freedom, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$7,816
Ownwell’s Mount Freedom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Freedom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Freedom 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 Mount Freedom, New Jersey
Property taxes in Mount Freedom, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Freedom is 2.65%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mount Freedom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Freedom 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 Mount Freedom's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07970 zip code has the highest median property tax rate of 2.65%, while the same zip code also has the lowest median tax rate of 2.65%. Understanding how these cities compare with Mount Freedom 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 Mount Freedom Tax Rate
2.65%
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 Mount Freedom, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07970 | 2.57% | 2.62% | 2.65% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Mount Freedom, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Freedom, New Jersey. 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 Mount Freedom, 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 median home price in Mount Freedom is $294,950, with tax bills ranging from $6,943 at the 25th percentile to $8,367 at the 90th percentile. The zip code 07970 has both the highest and lowest median tax bills at $7,822. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Property Tax Assessment Values Across Mount Freedom, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Mount Freedom Assessed Value
$294,950
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 Mount Freedom, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07970 | $240,660 | $264,150 | $294,950 | $313,700 | $315,500 |
Source: Ownwell
Property Tax Bills Across Mount Freedom, New Jersey
In Mount Freedom, Morris 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 and is intended to reflect the market value of the property. Homeowners in Mount Freedom face property tax bills that significantly impact their finances, as the median home price in the area is $294,950. Several factors influence the final tax bill, including the property's size, location, and condition. For instance, properties within the zip code 07970 have a median tax bill of $7,822. The tax bills in Mount Freedom range significantly, with the 25th percentile at $6,943 and the 75th percentile at $8,319, with the 90th percentile reaching up to $8,367. These tax bills are considerably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. Consequently, homeowners must budget carefully to accommodate these substantial tax obligations.
Average Mount Freedom Tax Bill
$7,822
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 Mount Freedom, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07970 | $6,207 | $6,943 | $7,822 | $8,319 | $8,367 |
Source: Ownwell