Chatham, New Jersey Property Taxes
The median property tax rate in Chatham, 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 Chatham at $662,100, the typical annual property tax bill reaches $13,374, far exceeding the national median of $2,690. Property taxes in Chatham 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 Chatham'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 Chatham 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
Chatham, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$12,779
Ownwell’s Chatham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatham 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 Chatham, New Jersey
Property taxes in Chatham, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatham is 1.93%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Chatham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatham 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 Chatham's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07928 zip code has the highest median property tax rate of 1.93%, while 07928 also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Chatham 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 Chatham 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 Chatham, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07928 | 1.90% | 1.93% | 1.93% | 2.14% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Chatham, New Jersey
In Chatham, 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 Chatham, 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. The median home price in Chatham is $662,100, with tax bills ranging from $10,147 at the 25th percentile to $25,338 at the 90th percentile. The zip code 07928 has both the highest and lowest median tax bill, valued at $13,374. Being aware of these valuation processes in Chatham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chatham Assessed Value
$662,100
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 Chatham, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07928 | $320,000 | $499,300 | $662,100 | $953,350 | $1,297,560 |
Source: Ownwell
Property Tax Bills Across Chatham, New Jersey
Property tax bills in Chatham, NJ, located in Morris County, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which can fluctuate based on market conditions and property improvements. For example, with a median home price of $662,100 in Chatham, homeowners can expect significant tax bills. The median property tax bill in the area is $13,374, considerably higher than the national median property tax rate of 0.99%. Factors such as local government budgets, school funding needs, and public services influence the tax rate. Homeowners in Chatham experience a wide range of property tax bills, from the 25th percentile at $10,147 to the 90th percentile at $25,338. This variability affects homeowners' financial planning, making it crucial to understand property assessments and potential exemptions. High property taxes can impact affordability and long-term investment decisions for residents.
Average Chatham Tax Bill
$13,374
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 Chatham, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07928 | $6,177 | $10,147 | $13,374 | $18,975 | $25,338 |
Source: Ownwell