Buffalo, New Jersey Property Taxes
The median property tax rate in Buffalo, NJ is 3.01%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $396,900 in Buffalo, the typical annual property tax bill reaches $11,955, far exceeding the national median of $2,690. Property taxes in Buffalo are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Buffalo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Buffalo or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.01%
Estimate Property Tax Bill
$11,947
$11,086
Ownwell’s BUFFALO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BUFFALO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BUFFALO 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 Buffalo, New Jersey
Property taxes in Buffalo, 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 Buffalo is 3.01%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Buffalo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo 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 Buffalo's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 14215 zip code has the highest median property tax rate of 3.01%, while the same zip code also has the lowest median tax rate of 3.01%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Bergen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
3.01%
Average Bergen County Tax Rate
2.73%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14215 | 3.01% | 3.01% | 3.01% | 3.01% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, New Jersey
In Buffalo, 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 Bergen 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 Buffalo, 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 Buffalo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Buffalo is $11,955 in the 14215 zip code, while the lowest is also $11,955 in the same zip code.
Property Tax Assessment Values Across Buffalo, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Buffalo Assessed Value
$396,900
Average Bergen County Assessed Value
$421,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14215 | $396,900 | $396,900 | $396,900 | $396,900 | $396,900 |
Source: Ownwell
Property Tax Bills Across Buffalo, New Jersey
In Buffalo, Bergen County, NJ, property tax bills are calculated based on the assessed value of the home, which is determined by local tax assessors. This value represents the estimated market value of the property. The tax rate, which in Bergen County is significantly higher than the national median property tax rate of 0.99%, is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, age, location, and any improvements made. For homeowners in Buffalo, the median home price stands at $396,900, resulting in a substantial tax bill. For example, the 25th, 75th, and 90th percentiles all share a tax bill of $11,955, which is notably higher than the national average. This high property tax rate can significantly impact homeowners, affecting their monthly mortgage payments and overall housing affordability. Understanding how these taxes are calculated and the factors involved can help residents better plan their finances and potentially seek exemptions or appeals if they believe their assessment is inaccurate.
Average Buffalo Tax Bill
$11,955
Average Bergen County Tax Bill
$11,253
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14215 | $11,955 | $11,955 | $11,955 | $11,955 | $11,955 |
Source: Ownwell