Ho Ho Kus, New Jersey Property Taxes
The median property tax rate in Ho Ho Kus, NJ is 2.28%, 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 Ho Ho Kus, the typical annual property tax bill reaches $15,033, exceeding the national median of $2,690. Property taxes in Ho Ho Kus 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 Ho Ho Kus'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 Ho Ho Kus 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
Ho Ho Kus, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$15,055
$13,970
Ownwell’s HO HO KUS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HO HO KUS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HO HO KUS 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 Ho Ho Kus, New Jersey
Property taxes in Ho Ho Kus, 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 Ho Ho Kus is 2.28%, significantly higher than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Ho Ho Kus set these rates annually, and they can vary across different neighborhoods. Each year, Ho Ho Kus 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 Ho Ho Kus's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07423 has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these cities compare with Ho Ho Kus 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 Ho Ho Kus Tax Rate
2.28%
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 Ho Ho Kus, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07423 | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Ho Ho Kus, New Jersey
In Ho Ho Kus, 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 Ho Ho Kus, 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. The median home price in Ho Ho Kus is $660,300, with tax bills ranging from $12,009 at the 25th percentile to $27,712 at the 90th percentile. The zip code 07423 has both the highest and lowest median tax bill, standing at $15,033. 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 Ho Ho Kus, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Ho Ho Kus Assessed Value
$660,300
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 Ho Ho Kus, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07423 | $458,780 | $527,425 | $660,300 | $893,625 | $1,217,030 |
Source: Ownwell
Property Tax Bills Across Ho Ho Kus, New Jersey
In Ho Ho Kus, 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 county assessor and reflects the market value of the property. Homeowners in Ho Ho Kus face a median property tax rate of 1.99%, significantly higher than the national median of 0.99%. This higher tax rate translates to substantial tax bills for residents. For instance, a median home price of $660,300 results in a considerable tax burden. The tax bills in Ho Ho Kus range widely, with the 25th percentile paying around $12,009 annually, while the 75th percentile sees bills as high as $20,348. At the 90th percentile, homeowners can expect to pay up to $27,712. This variation is influenced by factors such as property size, location, and improvements. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning.
Average Ho Ho Kus Tax Bill
$15,033
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 Ho Ho Kus, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07423 | $10,446 | $12,009 | $15,033 | $20,348 | $27,712 |
Source: Ownwell