Denville, New Jersey Property Taxes
The median property tax rate in Denville, NJ is 2.53%, 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 Denville, the typical annual property tax bill reaches $8,992, exceeding the national median of $2,690. Property taxes in Denville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Denville'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 Denville 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
Denville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$8,865
Ownwell’s Denville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Denville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Denville 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 Denville, New Jersey
Property taxes in Denville, 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 Denville is 2.53%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Denville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Denville 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 Denville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07834 has the highest median property tax rate of 2.53%, while the same zip code also has the lowest median tax rate of 2.53%. Understanding how these cities compare with Denville 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 Denville Tax Rate
2.53%
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 Denville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07834 | 2.53% | 2.53% | 2.53% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Denville, New Jersey
In Denville, 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 Denville, 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 Denville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Denville is $350,400, with the highest and lowest median tax bills both recorded in zip code 07834, amounting to $8,992.
Average Denville Assessed Value
$350,400
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 Denville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07834 | $250,700 | $289,600 | $350,400 | $472,850 | $627,400 |
Source: Ownwell
Property Tax Bills Across Denville, New Jersey
Property tax bills in Denville, Morris County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the home. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Denville, the median home price is $350,400. For homeowners, this means that property taxes can vary significantly. The tax bill for the 25th percentile is $7,429, while the 75th percentile sees bills around $12,077. At the 90th percentile, homeowners can expect to pay approximately $15,911. The highest median tax bill in the area is $8,992, which highlights the considerable range in property tax obligations. These taxes fund essential local services such as schools, public safety, and infrastructure. Therefore, understanding how property tax bills are calculated and their impact is crucial for homeowners in Denville.
Average Denville Tax Bill
$8,992
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 Denville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07834 | $6,509 | $7,429 | $8,992 | $12,077 | $15,911 |
Source: Ownwell