Wood Ridge, New Jersey Property Taxes
The median property tax rate in Wood Ridge, NJ is 2.80%, 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 Wood Ridge at $358,600, the typical annual property tax bill reaches $9,889, far exceeding the national median of $2,690. Property taxes in Wood Ridge 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 Wood Ridge'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 Wood Ridge 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
Wood Ridge, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.8%
Estimate Property Tax Bill
$10,041
$9,318
Ownwell’s Wood Ridge Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wood Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood Ridge to provide an estimated tax bill. This valuable tool helps you understand potential tax liabilities. For those 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 Bergen County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wood Ridge, New Jersey
Property taxes in Wood Ridge, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood Ridge is 2.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wood Ridge set these rates annually, and they can vary across different neighborhoods. Each year, Wood Ridge 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 Wood Ridge's effective property tax rate to other areas in Bergen County and the national median. For comparison, the 07075 zip code has the highest median property tax rate of 2.80%, while the same zip code also has the lowest median tax rate of 2.80%. Understanding how these cities compare with Wood Ridge 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 Wood Ridge Tax Rate
2.80%
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 Wood Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07075 | 2.52% | 2.79% | 2.79% | 2.80% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Wood Ridge, New Jersey
In Wood Ridge, 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 Wood Ridge, 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 Wood Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wood Ridge are both $9,889, found in zip code 07075. The median home price is $358,600, with tax bills ranging from $8,838 at the 25th percentile to $14,653 at the 90th percentile.
Property Tax Assessment Values Across Wood Ridge, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Wood Ridge Assessed Value
$358,600
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 Wood Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07075 | $248,860 | $319,525 | $358,600 | $445,100 | $543,200 |
Source: Ownwell
Property Tax Bills Across Wood Ridge, New Jersey
In Wood Ridge, 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. Homeowners in Wood Ridge face a median property tax rate significantly higher than the national median of 0.99%. The median home price in Wood Ridge stands at $358,600, contributing to substantial tax bills. Factors influencing the tax bill include the property's assessed value, applicable exemptions, and the specific tax rate set by local authorities. For example, the 25th percentile of tax bills is $8,838, while the 75th percentile reaches $11,633. At the 90th percentile, homeowners can expect to pay around $14,653. These figures highlight the variability in tax burdens depending on property values and exemptions. High property taxes can impact homeowners by increasing the overall cost of owning a home, influencing decisions on purchasing and maintaining property in the area.
Average Wood Ridge Tax Bill
$9,889
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 Wood Ridge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07075 | $6,246 | $8,838 | $9,889 | $11,633 | $14,653 |
Source: Ownwell