Fair Lawn, New Jersey Property Taxes
The median property tax rate in Fair Lawn, NJ is 3.45%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Fair Lawn at $312,700, the typical annual property tax bill reaches $10,798, far exceeding the national median of $2,690. Property taxes in Fair Lawn are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fair Lawn'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 Fair Lawn 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
Fair Lawn, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.45%
Estimate Property Tax Bill
$10,788
$10,011
Ownwell’s Fair Lawn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fair Lawn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fair Lawn 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 Fair Lawn, New Jersey
Property taxes in Fair Lawn, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fair Lawn is 3.45%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Fair Lawn set these rates annually, and they can vary across different neighborhoods. Each year, Fair Lawn 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 Fair Lawn's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07410 has both the highest and lowest median property tax rate of 3.45%. Understanding how these cities compare with Fair Lawn 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 Fair Lawn Tax Rate
3.45%
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 Fair Lawn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07410 | 3.45% | 3.45% | 3.45% | 3.45% | 3.45% |
Source: Ownwell
Property Tax Assessment Values Across Fair Lawn, New Jersey
In Fair Lawn, 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 Fair Lawn, 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 Fair Lawn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $10,798, specifically in the 07410 zip code.
Property Tax Assessment Values Across Fair Lawn, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Fair Lawn Assessed Value
$312,700
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 Fair Lawn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07410 | $250,200 | $277,125 | $312,700 | $373,800 | $465,050 |
Source: Ownwell
Property Tax Bills Across Fair Lawn, New Jersey
In Fair Lawn, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and is meant to reflect the property's market value. This value is then multiplied by the tax rate to determine the annual tax bill. For instance, with a median home price of $312,700, homeowners can expect a significant tax burden. The tax bill in Fair Lawn varies widely, with the 25th percentile at $9,568 and the 75th percentile reaching $12,904. At the 90th percentile, the tax bill can soar to $16,059. These figures are considerably higher than the national median property tax rate of 0.99%. Such high property taxes can have a substantial impact on homeowners, affecting their overall cost of living and financial planning. The zip code 07410, encompassing Fair Lawn, has the highest and lowest median tax bill in the area, both at $10,798, underscoring the uniformity in tax assessments.
Average Fair Lawn Tax Bill
$10,798
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 Fair Lawn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07410 | $8,639 | $9,568 | $10,798 | $12,904 | $16,059 |
Source: Ownwell