Millburn, New Jersey Property Taxes
The median property tax rate in Millburn, NJ is 1.94%, 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 Millburn, the typical annual property tax bill reaches $14,462, far exceeding the national median of $2,690. Property taxes in Millburn 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 Millburn'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 Millburn 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
Millburn, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$14,441
Ownwell’s Millburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millburn 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 Millburn, New Jersey
Property taxes in Millburn, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millburn is 1.94%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Millburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millburn 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 Millburn's effective property tax rate to other areas in Essex County and the national median. For comparison, the 07041 zip code has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these figures compare with Millburn 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 Millburn Tax Rate
1.94%
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 Millburn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07041 | 1.94% | 1.94% | 1.94% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Millburn, New Jersey
In Millburn, 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. 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. The median home price in Millburn stands at $744,400, with tax bills ranging from $11,996 at the 25th percentile to $18,605 at the 90th percentile. The highest and lowest median tax bills, both at $14,462, are found in the 07041 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 Millburn Assessed Value
$744,400
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 Millburn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07041 | $480,200 | $618,400 | $744,400 | $840,000 | $957,540 |
Source: Ownwell
Property Tax Bills Across Millburn, New Jersey
In Millburn, Essex County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this area experience some of the highest property taxes in the country, with the median home price at $744,400. The tax bill for the 25th percentile is $11,996, while it rises to $16,321 for the 75th percentile. At the 90th percentile, homeowners can expect to pay around $18,605. The property tax bill is determined by multiplying the assessed value of the property by the local tax rate. Various factors influence this assessment, including the property's market value, location, and any improvements made. These high property taxes can significantly impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning. The town's highest and lowest median tax bills are both reported at $14,462 in the 07041 zip code, indicating a relatively consistent tax burden across different properties.
Average Millburn Tax Bill
$14,462
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 Millburn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07041 | $9,347 | $11,996 | $14,462 | $16,321 | $18,605 |
Source: Ownwell