Edgewater, New Jersey Property Taxes
The median property tax rate in Edgewater, NJ is 1.61%, 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 Edgewater at $530,500, the typical annual property tax bill reaches $8,560, far exceeding the national median of $2,690. Property taxes in Edgewater 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 Edgewater'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 Edgewater 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
Edgewater, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$8,541
$7,926
Ownwell’s Edgewater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgewater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgewater 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 Edgewater, New Jersey
Property taxes in Edgewater, 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 Edgewater is 1.61%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Edgewater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgewater 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 Edgewater's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07020 zip code has the highest median property tax rate of 1.61%, while the 07020 zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Edgewater 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 Edgewater Tax Rate
1.61%
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 Edgewater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07020 | 1.61% | 1.61% | 1.61% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Edgewater, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Edgewater. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Edgewater, 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 Edgewater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Edgewater is $530,500, with median tax bills ranging from $6,159 at the 25th percentile to $16,626 at the 90th percentile. The zip code 07020 has the highest and lowest median tax bill at $8,560.
Property Tax Assessment Values Across Edgewater, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Edgewater Assessed Value
$530,500
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 Edgewater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07020 | $278,020 | $381,700 | $530,500 | $732,800 | $1,032,160 |
Source: Ownwell
Property Tax Bills Across Edgewater, New Jersey
In Edgewater, NJ, located in Bergen County, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the local assessor's office and is meant to represent a percentage of the property's market value. For Edgewater, the median home price is $530,500. Property tax rates in this area are higher than the national median property tax rate of 0.99%. For homeowners in Edgewater, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $6,159, while at the 75th percentile, it rises to $11,813. The top 10% of tax bills reach up to $16,626. These figures indicate a substantial range, reflecting the diverse property values within the city. Homeowners need to consider these factors when budgeting for annual expenses, as property taxes can represent a significant financial commitment. The highest and lowest median tax bills in the area are both $8,560, found in the zip code 07020.
Average Edgewater Tax Bill
$8,560
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 Edgewater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07020 | $4,499 | $6,159 | $8,560 | $11,813 | $16,626 |
Source: Ownwell