Boonton, New Jersey Property Taxes
The median property tax rate in Boonton, NJ is 3.03%, 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 Boonton at $380,800, the typical annual property tax bill reaches $10,918, exceeding the national median of $2,690. Property taxes in Boonton 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 Boonton'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 Boonton 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
Boonton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.03%
Estimate Property Tax Bill
$11,538
Ownwell’s Boonton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boonton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boonton 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 Boonton, New Jersey
Property taxes in Boonton, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boonton is 3.03%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Boonton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boonton 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 Boonton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07005 zip code has the highest median property tax rate of 3.03%, while the same zip code also has the lowest median tax rate of 3.03%. Understanding how these cities compare with Boonton 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 Boonton Tax Rate
3.03%
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 Boonton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | 2.38% | 2.38% | 3.03% | 3.12% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Boonton, New Jersey
In Boonton, 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 Boonton, 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 Boonton is $380,800, with tax bills ranging from $9,274 at the 25th percentile to $17,349 at the 90th percentile. 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 Boonton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boonton Assessed Value
$380,800
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 Boonton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | $272,950 | $318,500 | $380,800 | $490,975 | $671,400 |
Source: Ownwell
Property Tax Bills Across Boonton, New Jersey
In Boonton, Morris County, 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 and reflects a percentage of the property's market value. The tax rate is set by local taxing authorities and can vary depending on budgetary needs and public services funded by these taxes. Homeowners in Boonton face property tax bills that are notably higher than the national median property tax rate of 0.99%. With a median home price of $380,800, the property tax bill for the 25th percentile is around $9,274, while those in the 75th percentile pay approximately $13,549. At the 90th percentile, the tax bill can reach up to $17,349. The highest and lowest median tax bill in the area is $10,918, specifically in the 07005 zip code. These substantial property taxes significantly impact homeowners, influencing decisions on home purchases and overall affordability in the region.
Average Boonton Tax Bill
$10,918
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 Boonton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | $7,773 | $9,274 | $10,918 | $13,549 | $17,349 |
Source: Ownwell