Rutherford, New Jersey Property Taxes
The median property tax rate in Rutherford, NJ is 2.97%, 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 Rutherford, the typical annual property tax bill reaches $12,746, exceeding the national median of $2,690. Property taxes in Rutherford 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 Rutherford'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 Rutherford 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
Rutherford, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$12,749
$11,830
Ownwell’s Rutherford Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Rutherford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rutherford to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Bergen County for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Rutherford, New Jersey
Property taxes in Rutherford, 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 Rutherford is 2.97%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Rutherford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rutherford 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 Rutherford's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07070 zip code has the highest median property tax rate of 2.97%, while the 07070 zip code also has the lowest median tax rate of 2.97%. Understanding how these cities compare with Rutherford 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 Rutherford Tax Rate
2.97%
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 Rutherford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07070 | 2.97% | 2.97% | 2.97% | 2.97% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Rutherford, New Jersey
In Rutherford, 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 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 Rutherford, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Rutherford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rutherford is $429,250, with the median tax bill at $12,746 in zip code 07070.
Property Tax Assessment Values Across Rutherford, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Rutherford Assessed Value
$429,250
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 Rutherford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07070 | $285,450 | $371,550 | $429,250 | $497,600 | $575,000 |
Source: Ownwell
Property Tax Bills Across Rutherford, New Jersey
In Rutherford, NJ, property tax bills are calculated based on the assessed value of the 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. Bergen County, where Rutherford is located, has one of the highest median property tax bills in the nation. Homeowners in Rutherford can expect a median property tax bill of $12,746, significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's size, location, and improvements. For example, the 25th percentile tax bill in Rutherford is $11,012, while the 75th percentile tax bill reaches $14,772, and the 90th percentile tax bill is $17,072. These variations highlight how individual property characteristics affect the overall tax burden. High property taxes can impact homeowners by increasing the cost of homeownership, potentially influencing decisions about buying, selling, or making improvements to their property.
Average Rutherford Tax Bill
$12,746
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 Rutherford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07070 | $8,471 | $11,012 | $12,746 | $14,772 | $17,072 |
Source: Ownwell