Rockaway Borough, New Jersey Property Taxes
The median property tax rate in Rockaway Borough, NJ is 3.20%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Rockaway Borough at $271,400, the typical annual property tax bill amounts to $8,690, far exceeding the national median of $2,690. Property taxes in Rockaway Borough are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Rockaway Borough's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Rockaway Borough 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
Rockaway Borough, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$8,685
Ownwell’s Rockaway Borough Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockaway Borough with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockaway Borough 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 Rockaway Borough, New Jersey
Property taxes in Rockaway Borough, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockaway Borough is 3.20%, significantly higher than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Rockaway Borough set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockaway Borough 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 Rockaway Borough's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07866 zip code has the highest median property tax rate of 3.20%, while the same zip code also has the lowest median tax rate of 3.20%. Understanding how these cities compare with Rockaway Borough 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 Rockaway Borough Tax Rate
3.20%
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 Rockaway Borough, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | 3.20% | 3.20% | 3.20% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Rockaway Borough, New Jersey
In Rockaway Borough, 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 Rockaway Borough, 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. The highest and lowest median tax bills in Rockaway Borough are both $8,690, found in zip code 07866. The median home price is $271,400, with tax bills ranging from $8,165 at the 25th percentile to $10,026 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Rockaway Borough, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Rockaway Borough Assessed Value
$271,400
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 Rockaway Borough, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | $249,200 | $255,000 | $271,400 | $297,900 | $313,120 |
Source: Ownwell
Property Tax Bills Across Rockaway Borough, New Jersey
In Rockaway Borough, 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 reflects the property's market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as the property's location, size, and condition are considered during the assessment process. Homeowners in Rockaway Borough pay significantly more compared to the national median property tax rate of 0.99%. The median home price in the area is $271,400, and property tax bills can range from $8,165 at the 25th percentile to $10,026 at the 90th percentile. The highest and lowest median tax bills both stand at $8,690, showing a consistent tax burden across the zip code 07866. This substantial tax bill impacts homeowners by increasing the overall cost of homeownership, which can affect affordability and long-term financial planning.
Average Rockaway Borough Tax Bill
$8,690
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 Rockaway Borough, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | $7,979 | $8,165 | $8,690 | $9,491 | $10,026 |
Source: Ownwell