Chatham Twp, New Jersey Property Taxes
The median property tax rate in Chatham Township, 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 Township, the typical annual property tax bill reaches $21,454, far exceeding the national median of $2,690. Property taxes in Chatham 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 Chatham 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 Chatham 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
Chatham Twp, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$21,161
Ownwell’s Chatham Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatham Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatham Twp 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 Twp, New Jersey
Property taxes in Chatham Township, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatham Township is 1.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chatham Township set these rates annually, and they can vary across different neighborhoods. Each year, Chatham 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 Chatham Township's effective property tax rate to other areas in Morris County and the national median. For comparison, the zip code 07928 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 areas compare with Chatham 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 Chatham Twp 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 Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07928 | 1.92% | 1.93% | 1.93% | 1.93% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Chatham Twp, New Jersey
In Chatham Township, 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 Board of Taxation 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 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 Chatham Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $21,454 in the 07928 zip code, while the lowest is also $21,454 in the same zip code.
Property Tax Assessment Values Across Chatham Twp, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Chatham Twp Assessed Value
$1,096,400
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 Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07928 | $763,170 | $858,950 | $1,096,400 | $2,064,325 | $2,377,030 |
Source: Ownwell
Property Tax Bills Across Chatham Twp, New Jersey
In Chatham Township, Morris County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Chatham Township, the median home price is $1,096,400, significantly higher than the national median. The property tax rate in this area is also above the national median of 0.99%, resulting in substantial tax bills. Several factors influence the tax bill, including the property's location, size, and market conditions. For instance, the 25th percentile of tax bills is $17,634, while the 75th percentile reaches $39,419, indicating a wide range of tax liabilities among homeowners. The highest median tax bill in the area is $21,454, which is substantial compared to other regions. These high tax bills can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning.
Average Chatham Twp Tax Bill
$21,454
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 Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07928 | $14,737 | $17,634 | $21,454 | $39,419 | $45,881 |
Source: Ownwell