Glen Rock, New Jersey Property Taxes
The median property tax rate in Glen Rock, NJ is 3.08%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Glen Rock at $541,300, the typical annual property tax bill reaches $16,671, far exceeding the national median of $2,690. Property taxes in Glen Rock 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 Glen Rock'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 Glen Rock 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
Glen Rock, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.08%
Estimate Property Tax Bill
$16,672
$15,471
Ownwell’s Glen Rock Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Glen Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Rock to provide an estimate of 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 Bergen County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Glen Rock, New Jersey
Property taxes in Glen Rock, 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 Glen Rock is 3.08%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Glen Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Rock 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 Glen Rock's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07452 has the highest median property tax rate of 3.08%, while the same zip code also has the lowest median tax rate of 3.08%. Understanding how these figures compare with Glen Rock 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 Glen Rock Tax Rate
3.08%
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 Glen Rock, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07452 | 3.08% | 3.08% | 3.08% | 3.08% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Glen Rock, New Jersey
In Glen Rock, 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 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 Glen Rock, 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. Glen Rock's median home price is $541,300, with the 25th percentile tax bill at $14,437 and the 75th percentile tax bill at $19,852. The highest and lowest median tax bills are both $16,671 in zip code 07452. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Glen Rock, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Glen Rock Assessed Value
$541,300
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 Glen Rock, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07452 | $421,700 | $469,300 | $541,300 | $645,100 | $791,940 |
Source: Ownwell
Property Tax Bills Across Glen Rock, New Jersey
In Glen Rock, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate to determine the annual tax bill. For instance, the median home price in Glen Rock is $541,300, and the property tax rate in Bergen County significantly impacts the final tax bill for homeowners. Key factors influencing the tax bill include the assessed property value, local tax rates, and any applicable exemptions. Tax bills in Glen Rock can vary widely, with the 25th percentile paying around $14,437 and the 75th percentile reaching up to $19,852. The highest median tax bill in the area is $16,671, specifically in the 07452 zip code. These substantial tax bills can significantly affect homeowners, making it crucial to understand the local property tax landscape. Compared to the national median property tax rate of 0.99%, Glen Rock's rates are notably higher, reflecting the area's higher property values and tax rates.
Average Glen Rock Tax Bill
$16,671
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 Glen Rock, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07452 | $12,992 | $14,437 | $16,671 | $19,852 | $24,387 |
Source: Ownwell