Oakland, New Jersey Property Taxes
The median property tax rate in Oakland, NJ is 2.35%, 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 Oakland at $504,300, the typical annual property tax bill reaches $11,867, exceeding the national median of $2,690. Property taxes in Oakland 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 Oakland'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 Oakland 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
Oakland, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$11,851
$10,997
Ownwell’s Oakland Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. 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 Oakland, New Jersey
Property taxes in Oakland, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 2.35%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07436 zip code has the highest median property tax rate of 2.35%, while the same 07436 zip code also has the lowest median tax rate of 2.35%. Understanding how these areas compare with Oakland 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 Oakland Tax Rate
2.35%
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 Oakland, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07436 | 2.35% | 2.35% | 2.35% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oakland, NJ. 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 Oakland, 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. The median home price in Oakland is $504,300, with tax bills ranging from $10,177 at the 25th percentile to $17,487 at the 90th percentile. Interestingly, the zip code 07436 has both the highest and lowest median tax bill, standing at $11,867. 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 Oakland, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Oakland Assessed Value
$504,300
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 Oakland, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07436 | $373,260 | $433,000 | $504,300 | $617,300 | $743,460 |
Source: Ownwell
Property Tax Bills Across Oakland, New Jersey
In Oakland, NJ, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the local tax assessor and is meant to reflect the market value of your property. Once the assessed value is established, it is multiplied by the local tax rate to determine your annual property tax bill. Several factors influence the assessed value, including the size of your property, the condition of your home, and recent sales of similar properties in the area. In Oakland, the median home price is $504,300, and homeowners can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $10,177, while at the 75th percentile, it rises to $14,538. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially making it more challenging to afford other expenses. Comparing this to the national median property tax rate of 0.99%, Oakland's property taxes are relatively high, reflecting the area's home values and local tax policies.
Average Oakland Tax Bill
$11,867
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 Oakland, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07436 | $8,773 | $10,177 | $11,867 | $14,538 | $17,487 |
Source: Ownwell