Englewood, New Jersey Property Taxes
The median property tax rate in Englewood, NJ is 2.95%, 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 Englewood at $303,000, the typical annual property tax bill reaches $8,930, far exceeding the national median of $2,690. Property taxes in Englewood 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 Englewood'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 Englewood 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
Englewood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.95%
Estimate Property Tax Bill
$8,939
Ownwell’s Englewood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Englewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Englewood 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 Englewood, New Jersey
Property taxes in Englewood, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Englewood is 2.95%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Englewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Englewood 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 Englewood's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07631 zip code has the highest median property tax rate of 2.95%, while the same zip code also has the lowest median tax rate of 2.95%. Understanding how these areas compare with Englewood 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 Englewood Tax Rate
2.95%
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 Englewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07631 | 2.95% | 2.95% | 2.95% | 2.95% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Englewood, New Jersey
In Englewood, 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 Englewood, 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 Englewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Englewood is $8,930, which is the same for both the highest and lowest zip codes, 07631.
Property Tax Assessment Values Across Englewood, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Englewood Assessed Value
$303,000
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 Englewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07631 | $205,000 | $249,600 | $303,000 | $449,400 | $935,100 |
Source: Ownwell
Property Tax Bills Across Englewood, New Jersey
In Englewood, Bergen County, NJ, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The tax rate in this area is notably higher than the national median property tax rate of 0.99%. For instance, Englewood's median home price stands at $303,000, leading to significant annual tax bills. Homeowners in the 25th percentile can expect to pay around $7,358, while those in the 75th percentile might see bills as high as $13,253. The top 10% of homeowners could face property taxes reaching $27,523. Factors influencing these tax bills include the home's assessed value, the local tax rate, and any applicable exemptions or deductions. These high property taxes can significantly impact homeowners, affecting their overall cost of living and potentially influencing decisions about homeownership and property investments. Englewood's highest and lowest median tax bills are both $8,930, reflecting consistent taxation across different properties within the same zip code.
Average Englewood Tax Bill
$8,930
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 Englewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07631 | $6,045 | $7,358 | $8,930 | $13,253 | $27,523 |
Source: Ownwell