Towaco, New Jersey Property Taxes
The median property tax rate in Towaco, NJ is 2.53%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $476,700 in Towaco, the typical annual property tax bill reaches $11,824, far exceeding the national median of $2,690. Property taxes in Towaco 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 Towaco'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 Towaco 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
Towaco, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$12,061
Ownwell’s Towaco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Towaco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Towaco 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 Towaco, New Jersey
Property taxes in Towaco, 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 Towaco is 2.53%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Towaco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Towaco 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 Towaco's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07082 zip code has the highest median property tax rate of 2.53%, while the 07082 zip code also has the lowest median tax rate of 2.53%. Understanding how these cities compare with Towaco 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 Towaco Tax Rate
2.53%
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 Towaco, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07082 | 2.35% | 2.52% | 2.53% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Towaco, New Jersey
In Towaco, 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 Towaco, 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 Towaco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Towaco is $476,700, with tax bills ranging from $9,022 at the 25th percentile to $22,529 at the 90th percentile. Notably, the highest and lowest median tax bills in the area are both $11,824, found in zip code 07082.
Average Towaco Assessed Value
$476,700
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 Towaco, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07082 | $310,380 | $364,400 | $476,700 | $731,250 | $891,200 |
Source: Ownwell
Property Tax Bills Across Towaco, New Jersey
In Towaco, 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, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the home's market value, any improvements made to the property, and changes in local tax rates. For instance, the median home price in Towaco is $476,700, leading to significant tax bills. Homeowners in the 25th percentile face tax bills around $9,022, while those in the 75th percentile see bills as high as $18,208. At the 90th percentile, tax bills can reach up to $22,529. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting homeowners by supporting community resources while also representing a significant financial obligation.
Average Towaco Tax Bill
$11,824
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 Towaco, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07082 | $7,555 | $9,022 | $11,824 | $18,208 | $22,529 |
Source: Ownwell