Bernardsville, New Jersey Property Taxes
The median property tax rate in Bernardsville, NJ is 2.23%, 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 Bernardsville at $964,700, the typical annual property tax bill reaches $21,450, far exceeding the national median of $2,690. Property taxes in Bernardsville 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 Bernardsville'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 Bernardsville 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
Bernardsville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$21,513
$19,963
Ownwell’s Bernardsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bernardsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bernardsville 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 Bernardsville, New Jersey
Property taxes in Bernardsville, New Jersey, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Bernardsville is 2.23%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Bernardsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bernardsville 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 Bernardsville's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07924 has both the highest and lowest median property tax rate of 2.23%. Understanding how these areas compare with Bernardsville provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bernardsville Tax Rate
2.23%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bernardsville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07924 | 2.05% | 2.12% | 2.23% | 2.33% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Bernardsville, New Jersey
In Bernardsville, 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 Morris 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 Bernardsville, 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. For instance, the median home price in Bernardsville is $964,700, with tax bills ranging from $20,039 at the 25th percentile to $28,728 at the 90th percentile. The zip code 07924 has both the highest and lowest median tax bill at $21,450. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bernardsville, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Bernardsville Assessed Value
$964,700
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bernardsville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07924 | $807,750 | $899,050 | $964,700 | $1,149,225 | $1,367,600 |
Source: Ownwell
Property Tax Bills Across Bernardsville, New Jersey
In Bernardsville, 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's office and is intended to reflect the market value of the property. For instance, with a median home price of $964,700, homeowners can expect significant property tax bills. The local tax rate is applied to the assessed value to calculate the annual tax bill. In Bernardsville, the property tax bills vary widely, with the 25th percentile at $20,039 and the 75th percentile at $23,806. At the 90th percentile, homeowners might see bills as high as $28,728. These figures are considerably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. High property tax bills in Bernardsville can significantly impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions on buying, selling, or improving properties.
Average Bernardsville Tax Bill
$21,450
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bernardsville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07924 | $18,621 | $20,039 | $21,450 | $23,806 | $28,728 |
Source: Ownwell