Closter, New Jersey Property Taxes
The median property tax rate in Closter, NJ is 2.21%, 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 Closter at $671,100, the typical annual property tax bill reaches $14,836, exceeding the national median of $2,690. Property taxes in Closter 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 Closter'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 Closter 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
Closter, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$14,831
$13,763
Ownwell’s Closter Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a convenient way to estimate their annual property taxes in Closter using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Closter to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by Bergen County for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Closter, New Jersey
Property taxes in Closter, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Closter is 2.21%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Closter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Closter 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 Closter's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07624 zip code has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Closter 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 Closter Tax Rate
2.21%
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 Closter, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07624 | 2.21% | 2.21% | 2.21% | 2.21% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Closter, New Jersey
In Closter, 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 Closter, 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 Closter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07624 has the highest and lowest median tax bills, both at $14,836.
Property Tax Assessment Values Across Closter, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Closter Assessed Value
$671,100
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 Closter, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07624 | $455,380 | $528,500 | $671,100 | $896,750 | $1,186,600 |
Source: Ownwell
Property Tax Bills Across Closter, New Jersey
In Closter, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, if the assessed value of a home is $671,100, the tax bill can vary significantly. Homeowners in Closter face tax bills ranging from $11,688 at the 25th percentile to $26,248 at the 90th percentile, with the median tax bill standing at $14,836. Several factors influence the tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or abatements. These property taxes fund essential services such as public schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, homeowners in Closter often find themselves paying higher rates, which can significantly impact their annual financial planning and overall cost of homeownership.
Average Closter Tax Bill
$14,836
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 Closter, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07624 | $10,069 | $11,688 | $14,836 | $19,836 | $26,248 |
Source: Ownwell