Palisades Park, Bergen County, New Jersey Property Taxes
Median Palisades Park, NJ effective property tax rate: 1.54%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Palisades Park, NJ home value: $667,800
Median annual Palisades Park, NJ tax bill: $10,277, $7,877 higher than the national median property tax bill of $2,400.
How are property taxes in Bergen County calculated?
Property taxes in Palisades Park, 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 Palisades Park’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Palisades Park, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Palisades Park, Bergen County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.54%
Estimate Property Tax Bill
$10,284
$9,543
Property Tax Rates Across Palisades Park, Bergen County, New Jersey
Local government entities determine tax rates, which can differ significantly within a state. This variation occurs because each county annually estimates its required budget for services and divides it by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the fundamental annual process.
In Palisades Park, located in Bergen County, NJ, the effective property tax rate is 1.54%, which is notably higher than the national median of 1.02%. This rate reflects the local government's budget needs and the assessed value of properties in the area. Comparing this to other cities in New Jersey and across the U.S., Palisades Park stands out with one of the highest property tax rates.
For property owners in Palisades Park, understanding these rates is crucial, as they directly impact annual tax bills. With the national median property tax bill at $2,400, the higher rate in Palisades Park suggests that residents might face larger tax bills, underscoring the importance of exploring potential tax appeal and exemption opportunities.
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 Palisades Park Tax Rate
1.54%
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 Palisades Park, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07650 | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Palisades Park, Bergen County, New Jersey
When examining property taxes in Palisades Park, 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 Palisades Park.
For example, the median home price in Palisades Park is $667,800, with tax bills ranging significantly across the county. Zip code 07650 has the highest median home price at $667,800.
Property Tax Assessment Values Across Palisades Park, Bergen County, New Jersey
Source: Ownwell
$256,600
$1,236,600
$2,216,600
Median Palisades Park Market Value
$667,800
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 Palisades Park, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07650 | $325,890 | $531,350 | $667,800 | $797,500 | $970,100 |
Source: Ownwell
Property Tax Bills Across Palisades Park, Bergen County, New Jersey
Property Tax Bills Across Palisades Park, Bergen County, New Jersey
Source: Ownwell
$4,393
$11,280
$18,167
Median Palisades Park Tax Bill
$10,277
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 Palisades Park, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07650 | $5,033 | $8,175 | $10,277 | $12,275 | $14,937 |
Source: Ownwell