Oak Ridge, New Jersey Property Taxes
The median property tax rate in Oak Ridge, NJ is 3.99%, 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 Oak Ridge, the typical annual property tax bill reaches $9,949, far exceeding the national median of $2,690. Property taxes in Oak Ridge 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 Oak Ridge'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 Oak Ridge 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
Oak Ridge, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.99%
Estimate Property Tax Bill
$10,127
Ownwell’s Oak Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Ridge 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 Oak Ridge, New Jersey
Property taxes in Oak Ridge, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Ridge is 3.99%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Oak Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Ridge 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 Oak Ridge's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07438 zip code has the highest median property tax rate of 3.99%, while the same zip code also has the lowest median tax rate of 3.99%. Understanding how these cities compare with Oak Ridge 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 Oak Ridge Tax Rate
3.99%
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 Oak Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07438 | 3.25% | 3.99% | 3.99% | 3.99% | 3.99% |
Source: Ownwell
Property Tax Assessment Values Across Oak Ridge, New Jersey
In Oak Ridge, 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 local 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 Oak Ridge, 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 Oak Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oak Ridge is $253,800, with the tax bills varying significantly. The 25th percentile tax bill is $8,469, while the 75th percentile tax bill is $11,827. The 90th percentile tax bill reaches $14,056. The zip code with both the highest and lowest median tax bills is 07438, with a median tax bill of $9,949.
Average Oak Ridge Assessed Value
$253,800
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 Oak Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07438 | $196,260 | $221,000 | $253,800 | $301,200 | $355,020 |
Source: Ownwell
Property Tax Bills Across Oak Ridge, New Jersey
In Oak Ridge, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate set by the county of Passaic. The assessed value is determined by the local assessor and is intended to reflect the property's market value. This value is then multiplied by the tax rate to calculate the annual tax bill. Several factors influence the tax bill, including changes in the property's assessed value, modifications in the tax rate, and any applicable exemptions or abatements. Homeowners in Oak Ridge face tax bills that vary significantly; for example, the tax bill at the 25th percentile is $8,469, while at the 75th percentile it rises to $11,827. The highest median tax bill in the area is $9,949, which is notably higher than the national median property tax rate of 0.99%. These property tax bills impact homeowners by affecting their overall housing costs, potentially influencing decisions on buying, selling, or investing in property within the region.
Average Oak Ridge Tax Bill
$9,949
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 Oak Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07438 | $7,175 | $8,469 | $9,949 | $11,827 | $14,056 |
Source: Ownwell