Little Falls, New Jersey Property Taxes
The median property tax rate in Little Falls, NJ is 2.56%, 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 Little Falls at $303,750, the typical annual property tax bill reaches $7,788, exceeding the national median of $2,690. Property taxes in Little Falls 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 Little Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Little Falls 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
Little Falls, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$7,776
Ownwell’s Little Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Falls 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 Little Falls, New Jersey
Property taxes in Little Falls, 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 Little Falls is 2.56%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Little Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Falls 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 Little Falls' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07424 zip code has the highest median property tax rate of 2.56%, while the same zip code also holds the lowest median tax rate of 2.56%. Understanding how these cities compare with Little Falls 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 Little Falls Tax Rate
2.56%
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 Little Falls, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07424 | 2.56% | 2.56% | 2.56% | 2.56% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Little Falls, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Little Falls, NJ. 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 Little Falls, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 07424 has both the highest and lowest median tax bill at $7,788, reflecting the uniformity in property tax assessments within this area.
Property Tax Assessment Values Across Little Falls, New Jersey
Source: Ownwell
$16,100
$687,250
$1,358,400
Average Little Falls Assessed Value
$303,750
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 Little Falls, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07424 | $184,180 | $252,850 | $303,750 | $338,300 | $377,540 |
Source: Ownwell
Property Tax Bills Across Little Falls, New Jersey
In Little Falls, 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 reflects the market value of the property. This assessed value is then multiplied by the property tax rate set by Essex County. For homeowners in Little Falls, the median home price is $303,750, leading to varying tax bills across different percentiles. For instance, the 25th percentile tax bill is $6,483, while the 75th percentile reaches $8,674, and the 90th percentile can be as high as $9,680. The highest median tax bill in the area, specifically in the 07424 zip code, stands at $7,788. These property tax bills significantly impact homeowners, with the local tax rate in Little Falls being notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual expenses and manage their budgets effectively.
Average Little Falls Tax Bill
$7,788
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 Little Falls, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07424 | $4,722 | $6,483 | $7,788 | $8,674 | $9,680 |
Source: Ownwell