Wallington, New Jersey Property Taxes
The median property tax rate in Wallington, NJ is 3.20%, 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 Wallington at $301,200, the typical annual property tax bill reaches $9,641, significantly exceeding the national median of $2,690. Property taxes in Wallington 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 Wallington'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 Wallington 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
Wallington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$9,638
Ownwell’s Wallington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallington 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 Wallington, New Jersey
Property taxes in Wallington, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallington is 3.20%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Wallington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallington 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 Wallington's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07057 zip code has the highest median property tax rate of 3.20%, while the same zip code also has the lowest median tax rate of 3.20%. Understanding how these cities compare with Wallington 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 Wallington Tax Rate
3.20%
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 Wallington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07057 | 3.20% | 3.20% | 3.20% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Wallington, New Jersey
In Wallington, 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 Wallington, 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 Wallington is $301,200, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $8,095, while the 75th percentile tax bill is approximately $11,740, and the 90th percentile tax bill reaches up to $13,991. The highest and lowest median tax bills both stand at $9,641 in the 07057 zip code. 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 Wallington, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Wallington Assessed Value
$301,200
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 Wallington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07057 | $217,440 | $252,700 | $301,200 | $366,550 | $436,660 |
Source: Ownwell
Property Tax Bills Across Wallington, New Jersey
Property tax bills in Wallington, Bergen County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value, determined by the local assessor, reflects a percentage of the property's market value. Homeowners in Wallington face a median property tax rate that significantly impacts their annual tax bills. For instance, the median home price in Wallington is $301,200, and homeowners can expect tax bills ranging from $8,095 at the 25th percentile to $13,991 at the 90th percentile. This range highlights the variability in tax bills due to differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, Wallington's tax rates are notably higher, leading to substantial tax obligations for its residents. These high property taxes can influence homeowners' decisions regarding property investments and long-term residency. Understanding how these factors interplay is crucial for homeowners aiming to manage their financial commitments effectively.
Average Wallington Tax Bill
$9,641
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 Wallington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07057 | $6,958 | $8,095 | $9,641 | $11,740 | $13,991 |
Source: Ownwell