Old Tappan, New Jersey Property Taxes
The median property tax rate in Old Tappan, NJ is 2.13%, 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 Old Tappan at $698,100, the typical annual property tax bill reaches $14,859, significantly exceeding the national median of $2,690. Property taxes in Old Tappan 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 Old Tappan'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 Old Tappan 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
Old Tappan, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$14,870
$13,799
Ownwell’s Old Tappan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Tappan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Tappan 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 Old Tappan, New Jersey
Property taxes in Old Tappan, 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 Old Tappan is 2.13%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Old Tappan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Tappan 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 Old Tappan's effective property tax rate to other areas in Bergen County and the national median. For comparison, the zip code 07675 has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Old Tappan 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 Old Tappan Tax Rate
2.13%
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 Old Tappan, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07675 | 2.13% | 2.13% | 2.13% | 2.13% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Old Tappan, New Jersey
In Old Tappan, 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 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 Old Tappan, 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 Old Tappan is $698,100, with tax bills ranging from $11,273 at the 25th percentile to $20,434 at the 75th percentile, and $27,678 at the 90th percentile. 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 Old Tappan, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Old Tappan Assessed Value
$698,100
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 Old Tappan, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07675 | $424,760 | $529,700 | $698,100 | $958,150 | $1,300,000 |
Source: Ownwell
Property Tax Bills Across Old Tappan, New Jersey
In Old Tappan, NJ, property tax bills are determined based on the assessed value of a home and the local tax rate set by Bergen County. The assessed value is a percentage of the property's market value, which is periodically evaluated to reflect current market conditions. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Old Tappan face a significant property tax burden compared to the national median property tax rate of 0.99%. For instance, the median home price in Old Tappan is $698,100, leading to substantial tax bills. The tax bill for the 25th percentile is $11,273, while those in the 75th percentile see bills around $20,434. At the 90th percentile, tax bills can reach up to $27,678. This high tax rate impacts homeowners by increasing their annual expenses, potentially affecting affordability and long-term financial planning. The highest and lowest median tax bills in the area are both $14,859, indicating a relatively consistent tax burden across different properties.
Average Old Tappan Tax Bill
$14,859
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 Old Tappan, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07675 | $9,047 | $11,273 | $14,859 | $20,434 | $27,678 |
Source: Ownwell