Clark, New Jersey Property Taxes
The median property tax rate in Clark, NJ is 11.54%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Clark at $80,400, the typical annual property tax bill reaches $8,519, far exceeding the national median of $2,690. Property taxes in Clark are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Clark'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 Clark 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
Clark, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
11.54%
Estimate Property Tax Bill
$9,278
$8,610
Ownwell’s Clark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clark 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 Clark, New Jersey
Property taxes in Clark, 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 Clark is 11.54%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Clark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clark 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 Clark's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07066 has the highest median property tax rate of 11.54%, while the same zip code also has the lowest median tax rate of 11.54%. Understanding how these cities compare with Clark provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clark Tax Rate
11.54%
Average Middlesex County Tax Rate
5.10%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clark, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07066 | 9.09% | 10.01% | 11.54% | 11.54% | 11.54% |
Source: Ownwell
Property Tax Assessment Values Across Clark, New Jersey
In Clark, 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 local 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 Clark, 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 in Clark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Clark is $8,519 in the 07066 zip code.
Average Clark Assessed Value
$80,400
Average Middlesex County Assessed Value
$158,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clark, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07066 | $75,120 | $77,100 | $80,400 | $85,550 | $88,640 |
Source: Ownwell
Property Tax Bills Across Clark, New Jersey
In Clark, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, homeowners in Clark can expect their tax bills to fall within a certain range. The 25th percentile tax bill is approximately $8,106, while the 75th percentile tax bill is around $8,900. At the 90th percentile, tax bills can reach up to $9,129. The median tax bill in Clark is notably higher than the national median property tax rate of 0.99%, reflecting the relatively higher property values in the area. For homeowners, this means a significant portion of their annual expenses is allocated to property taxes, which can influence decisions about purchasing or maintaining a home. Understanding these factors is crucial for homeowners looking to manage their finances effectively and plan for future expenditures.
Average Clark Tax Bill
$8,519
Average Middlesex County Tax Bill
$7,840
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Clark, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07066 | $7,858 | $8,106 | $8,519 | $8,900 | $9,129 |
Source: Ownwell