Fairfield, New Jersey Property Taxes
The median property tax rate in Fairfield, NJ is 2.00%, 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 Fairfield at $486,850, the typical annual property tax bill reaches $9,736, significantly exceeding the national median of $2,690. Property taxes in Fairfield 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 Fairfield'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 Fairfield 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
Fairfield, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$9,737
Ownwell’s Fairfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfield 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 Fairfield, New Jersey
Property taxes in Fairfield, 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 Fairfield is 2.00%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield 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 Fairfield's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07004 zip code has the highest median property tax rate of 2.00%, while the same zip code also has the lowest median tax rate of 2.00%. Understanding how these cities compare with Fairfield 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 Fairfield Tax Rate
2.00%
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 Fairfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07004 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield, New Jersey
In Fairfield, 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 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 Fairfield, 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. For instance, the median home price in Fairfield is $486,850, with tax bills ranging from $7,977 at the 25th percentile to $14,914 at the 90th percentile. Notably, the highest and lowest median tax bills are both $9,736 in the 07004 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairfield Assessed Value
$486,850
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 Fairfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07004 | $281,870 | $398,550 | $486,850 | $608,800 | $744,510 |
Source: Ownwell
Property Tax Bills Across Fairfield, New Jersey
In Fairfield, Essex 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 assessor and is intended to reflect the market value of the property. 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 $486,850, homeowners in Fairfield can expect to pay substantial property taxes. The tax bill can vary significantly, with the 25th percentile tax bill at $7,977 and the 75th percentile reaching $12,194. At the higher end, the 90th percentile tax bill can be as much as $14,914. These figures highlight the considerable impact property taxes have on homeowners in Fairfield. Compared to the national median property tax rate of 0.99%, Fairfield's property taxes are quite high, reflecting the area's higher property values and local tax rates. This can significantly influence the overall cost of homeownership in the region.
Average Fairfield Tax Bill
$9,736
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 Fairfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07004 | $5,688 | $7,977 | $9,736 | $12,194 | $14,914 |
Source: Ownwell