Passaic, New Jersey Property Taxes
The median property tax rate in Passaic, NJ is 3.88%, 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 Passaic, the typical annual property tax bill reaches $10,126, exceeding the national median of $2,690. Property taxes in Passaic 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 Passaic'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 Passaic 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
Passaic, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.88%
Estimate Property Tax Bill
$10,272
Ownwell’s Passaic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Passaic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Passaic 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 Passaic, New Jersey
Property taxes in Passaic, 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 Passaic is 3.88%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Passaic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Passaic 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 Passaic's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07055 zip code has the highest median property tax rate of 3.88%, while the same zip code also holds the lowest median tax rate of 3.88%. Understanding how these cities compare with Passaic 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 Passaic Tax Rate
3.88%
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 Passaic, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07055 | 3.64% | 3.86% | 3.88% | 3.88% | 3.88% |
Source: Ownwell
Property Tax Assessment Values Across Passaic, New Jersey
In Passaic, 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 Passaic 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 Passaic, 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 Passaic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Passaic is $264,750, with property tax bills ranging significantly. For example, the 25th percentile tax bill is $7,923, while the 75th percentile tax bill is $12,677. The highest and lowest median tax bills are both $10,126, found in zip code 07055.
Average Passaic Assessed Value
$264,750
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 Passaic, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07055 | $140,500 | $206,800 | $264,750 | $331,000 | $401,630 |
Source: Ownwell
Property Tax Bills Across Passaic, New Jersey
In Passaic, 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 local assessor's office, which evaluates the property's market value. The tax rate, set by local government entities, is applied to this assessed value to determine the annual tax bill. For example, homeowners in Passaic with a median home price of $264,750 can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the tax bill, including the property's location within the city, the condition and size of the home, and any applicable exemptions or deductions. In Passaic, the tax bills show significant variation, with the 25th percentile at $7,923 and the 75th percentile at $12,677. At the 90th percentile, the tax bill can reach up to $15,419. These figures highlight the importance of understanding how property taxes are calculated, as they can significantly impact homeowners' financial planning and overall affordability of homeownership in the region.
Average Passaic Tax Bill
$10,126
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 Passaic, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07055 | $5,389 | $7,923 | $10,126 | $12,677 | $15,419 |
Source: Ownwell