Maywood, New Jersey Property Taxes
The median property tax rate in Maywood, 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 Maywood, the typical annual property tax bill reaches $9,873, far exceeding the national median of $2,690. Property taxes in Maywood 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 Maywood'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 Maywood 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
Maywood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$9,869
Ownwell’s Maywood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maywood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maywood 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 Maywood, New Jersey
Property taxes in Maywood, New Jersey, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Maywood is 2.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Maywood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maywood 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 Maywood's effective property tax rate to other areas in Bergen County and the national median. For comparison, the zip code 07607 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 figures compare with Maywood 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 Maywood 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 Maywood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07607 | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Maywood, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Maywood, New Jersey. 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 Maywood, 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. For instance, the median home price in Maywood is $432,850, with tax bills ranging from $9,064 at the 25th percentile to $12,428 at the 90th percentile. The zip code 07607 has both the highest and lowest median tax bills, each at $9,873. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Maywood, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Maywood Assessed Value
$432,850
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 Maywood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07607 | $371,190 | $397,350 | $432,850 | $481,150 | $544,620 |
Source: Ownwell
Property Tax Bills Across Maywood, New Jersey
In Maywood, 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 tax assessor and is intended to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Maywood, the median home price stands at $432,850. Property tax bills can vary significantly, with the 25th percentile tax bill at $9,064 and the 75th percentile reaching $10,974. Those in the 90th percentile face tax bills as high as $12,428. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the local tax structure and property values. High property taxes can significantly impact homeowners, influencing monthly mortgage payments and overall affordability. Understanding these factors is crucial for current and prospective homeowners to budget effectively and make informed decisions about property investments in Maywood.
Average Maywood Tax Bill
$9,873
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 Maywood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07607 | $8,468 | $9,064 | $9,873 | $10,974 | $12,428 |
Source: Ownwell