Montclair, New Jersey Property Taxes
The median property tax rate in Montclair, NJ is 5.71%, 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 Montclair, the typical annual property tax bill reaches $11,768, exceeding the national median of $2,690. Property taxes in Montclair 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 Montclair'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 Montclair 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
Montclair, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.71%
Estimate Property Tax Bill
$12,002
Ownwell’s Montclair Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Montclair with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Montclair to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed insights, scroll down to explore trends on a neighborhood level. Your property’s assessed value is determined by the county for tax purposes, incorporating any applicable exemptions.
Property Tax Rates Across Montclair, New Jersey
Property taxes in Montclair, 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 Montclair is 5.71%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Montclair set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montclair 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 Montclair's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07043 zip code has the highest median property tax rate of 5.71%, while the same zip code also has the lowest median tax rate of 5.71%. Understanding how these areas compare with Montclair provides valuable insights into the varying tax landscape across Passaic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montclair Tax Rate
5.71%
Average Passaic County Tax Rate
4.57%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montclair, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07043 | 4.82% | 5.70% | 5.71% | 5.71% | 5.71% |
Source: Ownwell
Property Tax Assessment Values Across Montclair, New Jersey
In Montclair, 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 Passaic County 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 Montclair, 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 Montclair is $210,200, with the 25th percentile tax bill at $10,564 and the 75th percentile at $12,954. The highest and lowest median tax bills are both $11,768, found in zip code 07043. 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 Montclair helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montclair Assessed Value
$210,200
Average Passaic County Assessed Value
$226,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montclair, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07043 | $168,500 | $192,100 | $210,200 | $234,300 | $287,400 |
Source: Ownwell
Property Tax Bills Across Montclair, New Jersey
In Montclair, property tax bills are determined based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value of the home. Montclair's property tax rate is notably higher than the national median property tax rate of 0.99%. This means homeowners in Montclair can expect to pay significantly more in property taxes compared to the national average. For instance, the median home price in Montclair is $210,200, and property tax bills can vary widely. Homeowners in the 25th percentile pay around $10,564, while those in the 75th percentile face bills of approximately $12,954. The top 10% of homeowners see tax bills as high as $15,211. The median tax bill in Montclair's 07043 zip code stands at $11,768, which is consistent across the board. These high property taxes can have a substantial impact on homeowners, affecting their overall cost of living and potentially influencing decisions about buying or selling property in the area.
Average Montclair Tax Bill
$11,768
Average Passaic County Tax Bill
$9,911
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Montclair, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07043 | $9,130 | $10,564 | $11,768 | $12,954 | $15,211 |
Source: Ownwell