East Rutherford, New Jersey Property Taxes
The median property tax rate in East Rutherford, NJ is 1.75%, 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 East Rutherford at $423,650, the typical annual property tax bill reaches $7,415, exceeding the national median of $2,690. Property taxes in East Rutherford 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 East Rutherford'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 East Rutherford 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
East Rutherford, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$7,414
Ownwell’s East Rutherford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Rutherford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Rutherford 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 East Rutherford, New Jersey
Property taxes in East Rutherford, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Rutherford is 1.75%, significantly higher than the U.S. national median of 0.99%. Local government entities within East Rutherford set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Rutherford 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 East Rutherford's effective property tax rate to other areas in Bergen County and the national median. For comparison, the 07073 zip code has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with East Rutherford 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 East Rutherford Tax Rate
1.75%
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 East Rutherford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07073 | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across East Rutherford, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in East Rutherford, NJ. 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 Assessor 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 East Rutherford, 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 East Rutherford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in East Rutherford is $7,415 in the 07073 zip code. Similarly, the lowest median tax bill is also $7,415 in the same zip code. Given the national median property tax rate of 0.99%, East Rutherford's tax landscape presents unique challenges and opportunities for homeowners.
Property Tax Assessment Values Across East Rutherford, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average East Rutherford Assessed Value
$423,650
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 East Rutherford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07073 | $299,000 | $363,450 | $423,650 | $486,000 | $556,150 |
Source: Ownwell
Property Tax Bills Across East Rutherford, New Jersey
In East Rutherford, NJ, property tax bills are determined based on the assessed value of a property and the local tax rate. The median home price in East Rutherford is $423,650, and the property tax rate is higher than the national median of 0.99%. Homeowners in East Rutherford can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $6,352, while the 75th percentile tax bill reaches $8,510. At the 90th percentile, tax bills can rise to $9,725. The highest median tax bill recorded in the area is $7,415, which is notably above the national median. Several factors influence the final tax bill, including property value assessments conducted by local authorities and any applicable exemptions or appeals. Higher property values typically lead to higher tax bills, impacting homeowners' annual financial planning. Understanding these factors is crucial for homeowners to manage their budgets and anticipate future expenses.
Average East Rutherford Tax Bill
$7,415
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 East Rutherford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07073 | $5,232 | $6,352 | $7,415 | $8,510 | $9,725 |
Source: Ownwell