Dover, New Jersey Property Taxes
The median property tax rate in Dover, NJ is 2.90%, 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 Dover, the typical annual property tax bill reaches $7,092, exceeding the national median of $2,690. Property taxes in Dover 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 Dover'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 Dover 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
Dover, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$7,272
Ownwell’s Dover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dover 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 Dover, New Jersey
Property taxes in Dover, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dover is 2.90%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Dover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dover 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 Dover's effective property tax rate to other areas in Morris County and the national median. For comparison, the 07801 zip code has the highest median property tax rate of 2.90%, while the 07866 zip code has the lowest median tax rate of 2.71%. Understanding how these areas compare with Dover 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 Dover Tax Rate
2.90%
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 Dover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07801 | 2.63% | 2.69% | 2.90% | 2.90% | 2.90% |
| 07866 | 2.71% | 2.71% | 2.71% | 2.71% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Dover, New Jersey
In Dover, 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 Dover, 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 Dover 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 $7,092 in the 07801 zip code, while the lowest median tax bill is $7,086 in the 07866 zip code.
Average Dover Assessed Value
$250,750
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 Dover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07801 | $168,340 | $203,600 | $250,700 | $324,350 | $381,180 |
| 07866 | $261,800 | $261,800 | $261,800 | $261,800 | $261,800 |
Source: Ownwell
Property Tax Bills Across Dover, New Jersey
In Dover, 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 Dover, the median home price is $250,750, and the property tax rate is higher than the national median of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made to the property. In this area, the 25th percentile of tax bills is $5,732, while the 75th percentile reaches $8,909. At the 90th percentile, homeowners can expect to pay up to $10,358 annually. The highest median tax bill in the region is $7,092, found in the 07801 zip code, while the lowest is slightly lower at $7,086 in the 07866 zip code. These high property taxes can significantly impact homeowners by increasing the cost of homeownership, which may influence decisions on buying or selling property in the area.
Average Dover Tax Bill
$7,092
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 Dover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07801 | $4,745 | $5,732 | $7,092 | $8,909 | $10,359 |
| 07866 | $7,086 | $7,086 | $7,086 | $7,086 | $7,086 |
Source: Ownwell