Leonia, New Jersey Property Taxes
The median property tax rate in Leonia, NJ is 3.18%, 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 Leonia at $431,650, the typical annual property tax bill reaches $13,739, far exceeding the national median of $2,690. Property taxes in Leonia 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 Leonia'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 Leonia 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
Leonia, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.18%
Estimate Property Tax Bill
$13,726
$12,738
Ownwell’s Leonia Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Leonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leonia to estimate your property tax bill. This insightful tool provides a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Bergen County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Leonia, New Jersey
Property taxes in Leonia, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leonia is 3.18%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Leonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonia 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 Leonia's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07605 has the highest median property tax rate of 3.18%, while the same zip code also has the lowest median tax rate of 3.18%. Understanding how these cities compare with Leonia 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 Leonia Tax Rate
3.18%
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 Leonia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07605 | 3.18% | 3.18% | 3.18% | 3.18% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Leonia, New Jersey
In Leonia, 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 Tax 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 Leonia, 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 Leonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Leonia, the median home price is $431,650, and the median tax bill is $13,739, with the same value for both the highest and lowest median tax bills in the 07605 zip code.
Property Tax Assessment Values Across Leonia, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Leonia Assessed Value
$431,650
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 Leonia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07605 | $287,380 | $376,775 | $431,650 | $502,650 | $612,280 |
Source: Ownwell
Property Tax Bills Across Leonia, New Jersey
In Leonia, located in 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 market value of the property. Homeowners in Leonia face property tax rates that are significantly higher than the national median property tax rate of 0.99%. For instance, the median home price in Leonia is $431,650, leading to substantial tax bills. Factors influencing the tax bill include property size, location, and market conditions. In this region, the 25th percentile tax bill is $11,985, while the 75th percentile tax bill reaches $15,982. For those at the 90th percentile, tax bills can soar to $19,475. These high property taxes can significantly impact homeowners by increasing the overall cost of owning a home, affecting affordability and financial planning. The highest and lowest median tax bills in the area both stand at $13,739, highlighting the uniformity in high tax rates across the region.
Average Leonia Tax Bill
$13,739
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 Leonia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07605 | $9,148 | $11,985 | $13,739 | $15,982 | $19,475 |
Source: Ownwell