Glenwood, New Jersey Property Taxes
The median property tax rate in Glenwood, NJ is 2.82%, 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 Glenwood, the typical annual property tax bill reaches $8,179, exceeding the national median of $2,690. Property taxes in Glenwood 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 Glenwood'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 Glenwood 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
Glenwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$8,182
Ownwell’s Glenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glenwood 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 Glenwood, New Jersey
Property taxes in Glenwood, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glenwood is 2.82%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Glenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glenwood 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 Glenwood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07418 zip code has the highest median property tax rate of 2.82%, while the same zip code also has the lowest median tax rate of 2.82%. Understanding how these cities compare with Glenwood provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glenwood Tax Rate
2.82%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glenwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07418 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Glenwood, New Jersey
In Glenwood, 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 Sussex 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 Glenwood, 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 Glenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Glenwood is $8,179, found in the 07418 zip code.
Average Glenwood Assessed Value
$290,150
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glenwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07418 | $233,820 | $260,950 | $290,150 | $353,000 | $414,100 |
Source: Ownwell
Property Tax Bills Across Glenwood, New Jersey
In Glenwood, Sussex County, NJ, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The median home price in Glenwood is $290,150, and the property tax rate in Sussex County is notably higher than the national median property tax rate of 0.99%. Homeowners in Glenwood can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $7,352, while the 75th percentile tax bill reaches $9,951. At the 90th percentile, homeowners might see tax bills as high as $11,673. Several factors influence these tax bills, including the assessed value of the home, local tax rates, and any applicable exemptions or deductions. High property taxes can significantly impact homeowners, affecting their monthly mortgage payments and overall cost of living. Understanding these factors is crucial for homeowners in Glenwood to manage their financial planning effectively.
Average Glenwood Tax Bill
$8,179
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Glenwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07418 | $6,591 | $7,352 | $8,179 | $9,951 | $11,673 |
Source: Ownwell