Maplewood, New Jersey Property Taxes
The median property tax rate in Maplewood, NJ is 3.53%, 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 Maplewood, the typical annual property tax bill reaches $17,313, far exceeding the national median of $2,690. Property taxes in Maplewood 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 Maplewood'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 Maplewood 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
Maplewood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.53%
Estimate Property Tax Bill
$17,355
Ownwell’s Maplewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maplewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maplewood 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 Essex County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Maplewood, New Jersey
Property taxes in Maplewood, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maplewood is 3.53%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Maplewood set these rates annually, leading to potential variations across different neighborhoods. Each year, Maplewood 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 Maplewood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07040 zip code has the highest median property tax rate of 3.53%, while the same zip code also has the lowest median tax rate of 3.53%. Understanding how these cities compare with Maplewood 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 Maplewood Tax Rate
3.53%
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 Maplewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07040 | 3.53% | 3.53% | 3.53% | 3.53% | 3.53% |
Source: Ownwell
Property Tax Assessment Values Across Maplewood, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Maplewood, 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 Maplewood, 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. With a median home price of $491,650, Maplewood's property taxes can be substantial. For instance, the 25th percentile tax bill is $11,611, while the 75th percentile tax bill reaches $21,861. The highest median tax bill is in zip code 07040, amounting to $17,313. By understanding 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 Maplewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maplewood Assessed Value
$491,650
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 Maplewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07040 | $264,590 | $329,400 | $491,650 | $620,725 | $781,520 |
Source: Ownwell
Property Tax Bills Across Maplewood, New Jersey
In Maplewood, NJ (Essex County), 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 property's market value. Homeowners in Maplewood face a property tax rate that significantly impacts their annual tax bills. For example, the median home price in Maplewood is $491,650, and the median property tax bill is $17,313, which is substantially higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and improvements. The tax bill can vary widely; at the 25th percentile, homeowners pay around $11,611, while at the 75th percentile, the tax bill rises to approximately $21,861. At the 90th percentile, it can reach up to $27,540. These high property taxes can significantly affect homeowners, impacting their monthly budgets and long-term financial planning.
Average Maplewood Tax Bill
$17,313
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 Maplewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07040 | $9,330 | $11,611 | $17,313 | $21,861 | $27,540 |
Source: Ownwell