Succasunna, New Jersey Property Taxes
The median property tax rate in Succasunna, 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 Succasunna at $367,000, the typical annual property tax bill reaches $9,492, far exceeding the national median of $2,690. Property taxes in Succasunna 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 Succasunna'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 Succasunna 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
Succasunna, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$9,652
Ownwell’s Succasunna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Succasunna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Succasunna 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 Morris County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Succasunna, New Jersey
Property taxes in Succasunna, 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 Succasunna 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 Succasunna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Succasunna 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 Succasunna's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07876 zip code has both the highest and lowest median property tax rate of 2.63%. Understanding how these cities compare with Succasunna 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 Succasunna 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 Succasunna, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07876 | 2.42% | 2.63% | 2.63% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Succasunna, New Jersey
In Succasunna, 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 Assessor 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 Succasunna, 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 Succasunna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07876 has the highest and lowest median tax bill at $9,492, with annual tax bills ranging from $7,831 at the 25th percentile to $12,814 at the 90th percentile.
Property Tax Assessment Values Across Succasunna, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Succasunna Assessed Value
$367,000
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 Succasunna, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07876 | $235,830 | $306,250 | $367,000 | $432,275 | $491,690 |
Source: Ownwell
Property Tax Bills Across Succasunna, New Jersey
In Succasunna, NJ, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. This value is then multiplied by the tax rate set by Morris County and other taxing authorities, such as school districts and municipal governments. Homeowners in Succasunna face a median property tax rate that significantly surpasses the national median of 0.99%. For example, the median home price in this area is $367,000, leading to substantial tax bills. The 25th percentile tax bill is around $7,831, while the 75th percentile reaches $11,258, and the 90th percentile climbs to $12,814. These high property taxes can affect homeowners by increasing the overall cost of homeownership, potentially impacting decisions related to buying or selling property. Such high tax rates underscore the importance of understanding property tax assessments and exploring potential appeals or exemptions to manage these expenses effectively.
Average Succasunna Tax Bill
$9,492
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 Succasunna, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07876 | $6,011 | $7,831 | $9,492 | $11,258 | $12,814 |
Source: Ownwell