Cedar Knolls, Morris County, New Jersey Property Taxes
The median property tax rate in Cedar Knolls, NJ is 1.93%, 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 Cedar Knolls at $394,450, the typical annual property tax bill reaches $7,618, exceeding the national median of $2,690. Property taxes in Cedar Knolls 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 Cedar Knolls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cedar Knolls 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
Cedar Knolls, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$7,613
$7,065
Ownwell’s Cedar Knolls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Knolls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Knolls 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 Cedar Knolls, Morris County, New Jersey
Property taxes in Cedar Knolls, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Knolls is 1.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cedar Knolls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Knolls 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 Cedar Knolls' effective property tax rate to other areas in Morris County and the national median. For comparison, the zip code 07927 has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Cedar Knolls 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 Cedar Knolls Tax Rate
1.93%
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 Cedar Knolls, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07927 | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Knolls, Morris County, New Jersey
In Cedar Knolls, 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 Cedar Knolls, 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 Cedar Knolls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 07927 has the highest and lowest median tax bill at $7,618.
Property Tax Assessment Values Across Cedar Knolls, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Average Cedar Knolls Assessed Value
$394,450
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 Cedar Knolls, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07927 | $272,400 | $331,000 | $394,450 | $514,925 | $607,560 |
Source: Ownwell
Property Tax Bills Across Cedar Knolls, Morris County, New Jersey
In Cedar Knolls, 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 Morris County tax assessor and is intended to reflect the market value of the property. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Cedar Knolls, the tax bill can vary significantly. The 25th percentile tax bill is $6,402, while the 75th percentile tax bill reaches $9,935. At the 90th percentile, homeowners can expect to pay up to $11,753 annually. This variability highlights the impact of property assessments and local tax rates on individual tax obligations. Compared to the national median property tax rate of 0.99%, Cedar Knolls' property taxes can be considerably higher, reflecting the region’s property values and local tax policies. Homeowners must be mindful of these factors as they can substantially affect their annual expenses.
Property Tax Bills Across Cedar Knolls, Morris County, New Jersey
Source: Ownwell
$5,771
$14,730
$23,689
Average Cedar Knolls Tax Bill
$7,618
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 Cedar Knolls, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07927 | $5,268 | $6,402 | $7,618 | $9,935 | $11,753 |
Source: Ownwell