Butler, New Jersey Property Taxes
The median property tax rate in Butler, NJ is 2.70%, 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 Butler, the typical annual property tax bill reaches $9,240, far exceeding the national median of $2,690. Property taxes in Butler 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 Butler'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 Butler 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
Butler, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$9,133
$8,475
Ownwell’s Butler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Butler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Butler 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 Butler, New Jersey
Property taxes in Butler, 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 Butler is 2.70%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Butler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Butler 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 Butler's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07405 zip code has the highest median property tax rate of 2.70%, while the same zip code also represents the lowest median tax rate of 2.70%. Understanding how these cities compare with Butler 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 Butler Tax Rate
2.70%
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 Butler, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07405 | 2.37% | 2.57% | 2.70% | 2.89% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Butler, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Butler, New Jersey. 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 Butler, 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 Butler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07405 has both the highest and lowest median tax bills, each at $9,240, reflecting the unique property tax landscape in this area.
Average Butler Assessed Value
$338,250
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 Butler, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07405 | $248,200 | $285,825 | $338,250 | $407,675 | $476,190 |
Source: Ownwell
Property Tax Bills Across Butler, New Jersey
In Butler, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as location, property size, and market conditions are considered in the assessment process. For instance, the median home price in Butler is $338,250. Homeowners in the 25th percentile pay around $7,738 in property taxes, while those in the 75th percentile face bills of approximately $10,965. The 90th percentile sees tax bills reaching up to $12,913. Compared to the national median property tax rate of 0.99%, Butler's property tax rates can significantly impact homeowners' finances. High property taxes can affect affordability and overall cost of living, making it crucial for homeowners to understand their tax liabilities. The highest and lowest median tax bills in Butler are both recorded at $9,240, indicating a consistent tax rate within the zip code 07405.
Average Butler Tax Bill
$9,240
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 Butler, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07405 | $6,575 | $7,738 | $9,240 | $10,965 | $12,913 |
Source: Ownwell