Teterboro, New Jersey Property Taxes
The median property tax rate in Teterboro, NJ is 1.15%, considerably higher than the national median of 0.99% but lower than the New Jersey state median of 2.82%. With the median home value in Teterboro at $383,350, the typical annual property tax bill reaches $4,393, exceeding the national median of $2,690. Property taxes in Teterboro 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 Teterboro'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 Teterboro 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
Teterboro, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$4,409
$4,091
Ownwell’s Teterboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Teterboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Teterboro 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 Teterboro, New Jersey
Property taxes in Teterboro, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Teterboro is 1.15%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Teterboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Teterboro 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 Teterboro's effective property tax rate to other areas in Bergen County and the national median. For comparison, the zip code 07608 has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Teterboro 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 Teterboro Tax Rate
1.15%
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 Teterboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07608 | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Teterboro, New Jersey
In Teterboro, 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 Teterboro, 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 Teterboro is $383,350, with the 25th percentile tax bill at $2,373 and the 75th percentile tax bill at $11,196. The zip code 07608 has both the highest and lowest median tax bill at $4,393. 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 Teterboro, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Teterboro Assessed Value
$383,350
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 Teterboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07608 | $205,060 | $207,100 | $383,350 | $794,625 | $1,048,070 |
Source: Ownwell
Property Tax Bills Across Teterboro, New Jersey
In Teterboro, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $383,350, homeowners can expect varying tax bills depending on the assessed value and the specific tax rate applied. Several factors influence the assessed value, including the property's location, size, and overall condition. Compared to the national median property tax rate of 0.99%, New Jersey often has higher rates, impacting homeowners significantly. In Teterboro, the 25th percentile tax bill is around $2,373, while the 75th percentile reaches $11,196, and the 90th percentile goes up to $12,312. Higher property taxes can affect homeowners by increasing their annual expenses, potentially making homeownership less affordable. Conversely, these taxes fund essential local services such as schools, public safety, and infrastructure, contributing to the community's overall well-being.
Average Teterboro Tax Bill
$4,393
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 Teterboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07608 | $2,350 | $2,373 | $4,393 | $11,196 | $12,312 |
Source: Ownwell