Franklin Lakes, Bergen County, New Jersey Property Taxes
Median Franklin Lakes, NJ effective property tax rate: 1.69%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Franklin Lakes, NJ home value: $923,600
Median annual Franklin Lakes, NJ tax bill: $15,579, $13,179 higher than the national median property tax bill of $2,400.
How are property taxes in Bergen calculated?
Property taxes in Franklin Lakes, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Franklin Lakes’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Franklin Lakes, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Franklin Lakes, Bergen County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.69%
Estimate Property Tax Bill
$15,609
$14,485
Ownwell’s Franklin Lakes Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Franklin Lakes with just two data points.
By entering your property's estimated assessed value, our calculator applies Franklin Lakes’ median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Bergen County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Franklin Lakes, Bergen County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Franklin Lakes, located in Bergen County, New Jersey, the effective property tax rate stands at 1.69%. This rate is significantly higher than the national median property tax rate of 1.02%. The median property tax bill in Franklin Lakes exceeds the national median of $2,400, reflecting the higher property values and tax rate in this area. Bergen County consistently maintains one of the highest property tax rates in New Jersey, indicating a robust demand for local services and infrastructure.
Comparing Franklin Lakes to other cities in New Jersey reveals a similar trend of elevated property tax rates, emphasizing the importance of understanding local tax dynamics. For homeowners, these rates underscore the necessity of exploring potential property tax appeals and exemptions to manage expenses effectively.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Franklin Lakes Tax Rate
1.69%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Bergen County Tax Rate
2.73%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin Lakes, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Franklin Lakes, Bergen County, New Jersey
When examining property taxes in Franklin Lakes, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Bergen County assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Bergen County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Franklin Lakes. For example, the median home price in Franklin Lakes is $923,600, with tax bills ranging significantly across the county. Zip code 07417 has the highest median home price at $923,600.
Property Tax Assessment Values Across Franklin Lakes, Bergen County, New Jersey
Source: Ownwell
$256,600
$1,236,600
$2,216,600
Median Franklin Lakes Market Value
$923,600
Median Bergen County Market Value
$421,800
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin Lakes, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | $460,000 | $647,600 | $923,600 | $1,298,100 | $1,805,960 |
Source: Ownwell
Property Tax Bills Across Franklin Lakes, Bergen County, New Jersey
In Franklin Lakes, NJ, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $923,600, residents in Bergen County often face higher property tax bills than the national median of $2,400. The 25th percentile tax bill is $10,947, while the 75th percentile reaches $21,883, and the 90th percentile can soar to $30,430. The highest and lowest median tax bill in the area both stand at $15,579, indicating a consistent tax burden across the region.
Several factors influence these tax bills, including property size, location, and any improvements made to the home. High property taxes can significantly affect homeowners' finances, making it essential to explore potential savings. This is where Ownwell can assist. By providing expert property tax appeal and exemption services, Ownwell helps homeowners identify opportunities to lower their tax bills, ensuring they pay only their fair share. Through careful analysis and strategic appeals, homeowners can potentially save thousands on their annual property taxes.
Property Tax Bills Across Franklin Lakes, Bergen County, New Jersey
Source: Ownwell
$4,393
$11,280
$18,167
Median Franklin Lakes Tax Bill
$15,579
Median Bergen County Tax Bill
$11,253
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin Lakes, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | $7,756 | $10,947 | $15,579 | $21,883 | $30,430 |
Source: Ownwell