Boonton Twp, New Jersey Property Taxes
The median property tax rate in Boonton Township, NJ is 2.38%, 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 Township at $905,900, the typical annual property tax bill reaches $21,515, significantly exceeding the national median of $2,690. Property taxes in Boonton Township 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 Township'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 Township 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 Twp, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$21,560
Ownwell’s Boonton Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boonton Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boonton Township 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 Twp, New Jersey
Property taxes in Boonton Township, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boonton Township is 2.38%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Boonton Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boonton Township 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 Township's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07005 has the highest median property tax rate of 2.38%, while the same zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with Boonton Township 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 Twp Tax Rate
2.38%
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 Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | 2.38% | 2.38% | 2.38% | 2.38% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Boonton Twp, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Boonton Township, 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 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 Township, 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 Boonton Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Boonton Township are both $21,515, highlighting the uniformity in tax assessments across different zip codes in the area.
Property Tax Assessment Values Across Boonton Twp, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Boonton Twp Assessed Value
$905,900
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 Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | $498,700 | $651,400 | $905,900 | $1,160,400 | $1,313,100 |
Source: Ownwell
Property Tax Bills Across Boonton Twp, New Jersey
In Boonton Township, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $905,900, which significantly impacts the tax bill homeowners receive. The assessed value is multiplied by the tax rate to determine the annual property tax bill. Factors such as property size, location, and improvements also play a role in determining the assessed value. For homeowners in Boonton Township, the tax bill can vary widely. The 25th percentile tax bill is $15,471, while the 75th percentile tax bill is $27,560. At the 90th percentile, homeowners could pay as much as $31,186 annually. This variation highlights the importance of understanding how local property taxes can affect financial planning. Compared to the national median property tax rate of 0.99%, the property tax rate in Boonton Township results in notably higher tax bills, emphasizing the need for homeowners to be well-informed and prepared for these expenses.
Average Boonton Twp Tax Bill
$21,515
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 Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | $11,844 | $15,471 | $21,515 | $27,560 | $31,186 |
Source: Ownwell