Wantage, New Jersey Property Taxes
The median property tax rate in Wantage, NJ is 2.88%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Wantage, the typical annual property tax bill reaches $4,514, far exceeding the national median of $2,690. Property taxes in Wantage 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 Wantage'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 Wantage or another part of Sussex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wantage, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$4,519
Ownwell’s Wantage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wantage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wantage 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 Wantage, New Jersey
Property taxes in Wantage, 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 Wantage is 2.88%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Wantage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wantage 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. Understanding how these cities compare with Wantage 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 Wantage Tax Rate
2.88%
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 Wantage, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07461 | 2.88% | 2.88% | 2.88% | 2.88% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Wantage, New Jersey
In Wantage, 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 Wantage, 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 Wantage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $156,900, with tax bills ranging from $3,872 at the 25th percentile to $14,607 at the 90th percentile. The zip code 07461 has the highest and lowest median tax bill, both at $4,514.
Average Wantage Assessed Value
$156,900
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 Wantage, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07461 | $121,960 | $134,600 | $156,900 | $227,150 | $507,700 |
Source: Ownwell
Property Tax Bills Across Wantage, New Jersey
In Wantage, Sussex County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the home's size, age, location, and market conditions. For instance, the median home price in Wantage stands at $156,900. Homeowners in Wantage experience a wide range of property tax bills. The 25th percentile tax bill is approximately $3,872, while the 75th percentile reaches around $6,535. For those in higher-value properties, the 90th percentile tax bill can soar to $14,607. The highest and lowest median tax bills in the 07461 zip code are both $4,514, highlighting some uniformity in certain areas. These property taxes significantly impact homeowners, influencing their overall cost of living and potentially affecting their decisions on homeownership and investments.
Average Wantage Tax Bill
$4,514
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 Wantage, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07461 | $3,509 | $3,872 | $4,514 | $6,535 | $14,607 |
Source: Ownwell