New Milford, Bergen County, New Jersey Property Taxes
Median New Milford, NJ effective property tax rate: 3.72%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median New Milford, NJ home value: $310,400
Median annual New Milford, NJ tax bill: $11,545, $9,145 higher than the national median property tax bill of $2,400.
How are property taxes in Bergen calculated?
Property taxes in New Milford, 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 New Milford’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Milford, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Milford, Bergen County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.72%
Estimate Property Tax Bill
$11,547
$10,715
Property Tax Rates Across New Milford, Bergen County, New Jersey
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 New Milford Tax Rate
3.72%
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 New Milford, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07646 | 3.72% | 3.72% | 3.72% | 3.72% | 3.72% |
Source: Ownwell
Property Tax Assessment Values Across New Milford, Bergen County, New Jersey
When examining property taxes in New Milford, 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 appraisal district 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 April. 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 New Milford. For example, the median home price in New Milford is $310,400, with tax bills ranging significantly across the county. 07646 has the highest median home price at $310,400.
Property Tax Assessment Values Across New Milford, Bergen County, New Jersey
Source: Ownwell
$256,600
$1,236,600
$2,216,600
Median New Milford Market Value
$310,400
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 New Milford, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07646 | $251,000 | $277,250 | $310,400 | $350,400 | $432,020 |
Source: Ownwell
Property Tax Bills Across New Milford, Bergen County, New Jersey
In New Milford, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, and this rate is set by local authorities. Factors such as local government budgets, school funding, and public services contribute to the tax rate. Homeowners in New Milford face a significant tax burden, with the median property tax bill reaching $11,545, substantially higher than the national median of $2,400. This can be a financial strain on many residents, especially when considering that the tax bill for the 25th percentile is $10,320, while the 90th percentile reaches $16,071.
Ownwell offers a valuable service for homeowners looking to reduce their property tax bills. By analyzing property assessments and market conditions, Ownwell can identify opportunities for tax appeals and exemptions. This can lead to significant savings, helping homeowners manage their expenses more effectively. With expert guidance, Ownwell ensures that property taxes are fair and manageable.
Median New Milford Tax Bill
$11,545
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 New Milford, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07646 | $9,341 | $10,320 | $11,545 | $13,040 | $16,071 |
Source: Ownwell