Caldwell, New Jersey Property Taxes
The median property tax rate in Caldwell, NJ, is 2.18%, 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 Caldwell at $551,700, the typical annual property tax bill reaches $14,087, exceeding the national median of $2,690. Property taxes in Caldwell 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 Caldwell'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 Caldwell 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
Caldwell, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.18%
Estimate Property Tax Bill
$12,027
Ownwell’s Caldwell Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Caldwell. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Caldwell to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more detailed information, including neighborhood-level trends, further insights are available as you scroll down. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Caldwell, New Jersey
Property taxes in Caldwell, 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 Caldwell is 2.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Caldwell set these rates annually, and they can vary across different neighborhoods. Each year, Caldwell 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 Caldwell's effective property tax rate to other areas in Essex County and the national median. For comparison, the 07007 zip code has the highest median property tax rate of 2.34%, while the 07006 zip code has the lowest median tax rate of 2.18%. Understanding how these areas compare with Caldwell provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caldwell Tax Rate
2.18%
Average Essex County Tax Rate
3.51%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caldwell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07006 | 2.18% | 2.18% | 2.18% | 3.02% | 3.02% |
| 07007 | 2.33% | 2.33% | 2.33% | 2.33% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Caldwell, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Caldwell, NJ. 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 Essex 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 Caldwell, 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. Caldwell's highest median tax bill is found in the 07006 zip code at $14,091, while the lowest is in the 07007 zip code at $2,102. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Caldwell Assessed Value
$551,700
Average Essex County Assessed Value
$335,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caldwell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07006 | $336,220 | $411,400 | $551,800 | $736,600 | $992,140 |
| 07007 | $90,000 | $90,000 | $90,000 | $90,000 | $90,000 |
Source: Ownwell
Property Tax Bills Across Caldwell, New Jersey
In Caldwell, Essex County, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and aims to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Caldwell's property taxes are notably higher than the national median property tax rate of 0.99%. For example, the median home price in Caldwell is $551,700, leading to substantial tax bills. Homeowners in the 25th percentile pay around $11,636 annually, while those in the 75th percentile face bills of approximately $17,149. The highest median tax bill in the area is $14,091, highlighting the significant financial impact on homeowners. These high tax bills can influence decisions on property purchases and overall affordability in Caldwell.
Average Caldwell Tax Bill
$14,087
Average Essex County Tax Bill
$11,297
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Caldwell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07006 | $8,916 | $11,641 | $14,091 | $17,153 | $22,156 |
| 07007 | $2,102 | $2,102 | $2,102 | $2,102 | $2,102 |
Source: Ownwell