Waldwick, New Jersey Property Taxes
The median property tax rate in Waldwick, NJ is 2.85%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Waldwick, the typical annual property tax bill reaches $11,717, far exceeding the national median of $2,690. Property taxes in Waldwick are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waldwick'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 Waldwick 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
Waldwick, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.85%
Estimate Property Tax Bill
$11,729
Ownwell’s Waldwick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waldwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waldwick 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 Waldwick, New Jersey
Property taxes in Waldwick, 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 Waldwick is 2.85%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Waldwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waldwick 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 Waldwick's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07463 has both the highest and the lowest median property tax rate of 2.85%. Understanding how these cities compare with Waldwick 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 Waldwick Tax Rate
2.85%
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 Waldwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07463 | 2.85% | 2.85% | 2.85% | 2.85% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Waldwick, New Jersey
In Waldwick, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Waldwick, 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 highest median tax bill in Waldwick is $11,717 in zip code 07463, which is also the lowest median 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 Waldwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Waldwick, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Waldwick Assessed Value
$411,550
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 Waldwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07463 | $322,400 | $359,825 | $411,550 | $483,300 | $549,750 |
Source: Ownwell
Property Tax Bills Across Waldwick, New Jersey
In Waldwick, located in Bergen County, NJ, property tax bills are calculated based on the assessed value of a 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 the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $411,550, homeowners in Waldwick face substantial property tax bills. The tax bill at the 25th percentile is approximately $10,245, while at the 75th percentile, it rises to around $13,750. At the 90th percentile, the tax bill can reach up to $15,650. These figures highlight how property taxes can significantly impact homeowners in the area, especially when compared to the national median property tax rate of 0.99%. High property taxes can influence housing affordability and the overall cost of living, making it crucial for homeowners to understand how their tax bills are calculated and what factors contribute to the final amount.
Average Waldwick Tax Bill
$11,717
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 Waldwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07463 | $9,175 | $10,245 | $11,717 | $13,750 | $15,650 |
Source: Ownwell