Brookside, New Jersey Property Taxes
The median property tax rate in Brookside, NJ is 2.03%, 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 Brookside at $620,750, the typical annual property tax bill reaches $12,570, far exceeding the national median of $2,690. Property taxes in Brookside 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 Brookside'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 Brookside 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
Brookside, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$12,601
Ownwell’s Brookside Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Brookside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookside to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more granular data, you can scroll down to find localized information on neighborhood trends. Your property’s assessed value, assigned by Morris County for tax calculations, will account for any applicable exemptions.
Property Tax Rates Across Brookside, New Jersey
Property taxes in Brookside, 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 Brookside is 2.03%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Brookside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookside 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. For comparison, the 07926 zip code has the highest median property tax rate of 2.03%, while the 07926 zip code also has the lowest median tax rate of 2.03%. Understanding how these cities compare with Brookside 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 Brookside Tax Rate
2.03%
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 Brookside, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07926 | 1.84% | 1.90% | 2.03% | 2.12% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Brookside, New Jersey
In Brookside, 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 Brookside, 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 Brookside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07926 has the highest and lowest median tax bill, both at $12,570.
Property Tax Assessment Values Across Brookside, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Brookside Assessed Value
$620,750
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 Brookside, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07926 | $468,390 | $528,200 | $620,750 | $720,875 | $918,830 |
Source: Ownwell
Property Tax Bills Across Brookside, New Jersey
In Brookside, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Morris County. The assessed value is determined by the county assessor and is often a percentage of the property's market value. Factors such as the home's size, location, and condition can influence this assessment. Homeowners in Brookside face substantial property tax bills, significantly higher than the national median property tax rate of 0.99%. For instance, the median home price in Brookside is $620,750, and the tax bill for homes in the 25th percentile is approximately $10,404, while those in the 75th percentile pay around $14,762. At the 90th percentile, tax bills can soar to $19,066. These high property tax rates can have a notable financial impact on homeowners, potentially affecting their ability to afford other expenses and influencing their decisions about homeownership and property investments in the area.
Average Brookside Tax Bill
$12,570
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 Brookside, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07926 | $8,885 | $10,404 | $12,570 | $14,762 | $19,066 |
Source: Ownwell