Far Hills, New Jersey Property Taxes
The median property tax rate in Far Hills, NJ is 2.41%, 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 Far Hills at $1,025,000, the typical annual property tax bill reaches $23,689, far exceeding the national median of $2,690. Property taxes in Far Hills 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 Far Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Far Hills 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
Far Hills, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$24,703
$22,923
Ownwell’s Far Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Far Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Far Hills 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 Far Hills, New Jersey
Property taxes in Far Hills, New Jersey are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Far Hills is 2.41%, significantly higher than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Far Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Far Hills 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 Far Hills' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07931 zip code has the highest median property tax rate of 2.41%, while the lowest median tax rate is also 2.41%. Understanding how these cities compare with Far Hills 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 Far Hills Tax Rate
2.41%
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 Far Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07931 | 1.98% | 2.19% | 2.40% | 2.42% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Far Hills, New Jersey
In Far Hills, 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 Far Hills, 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 Far Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Homeowners in the zip code 07931 see the highest median tax bill of $23,689, while those in the same zip code also experience the lowest median tax bill of $23,689.
Property Tax Assessment Values Across Far Hills, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Far Hills Assessed Value
$1,025,000
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 Far Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07931 | $462,120 | $730,500 | $1,025,000 | $1,428,300 | $2,324,860 |
Source: Ownwell
Property Tax Bills Across Far Hills, New Jersey
In Far Hills, NJ, property tax bills are determined by assessing the market value of a home and applying the local tax rate. Homeowners in Far Hills experience some of the highest property taxes in the nation, influenced by the area's high median home price of $1,025,000. The tax rate in Morris County significantly impacts the final tax bill, with the 25th percentile tax bill at $17,492 and the 75th percentile reaching $32,088. For those in the 90th percentile, tax bills can soar to $50,478. Several factors contribute to the calculation of property tax bills, including the assessed value of the property, local tax rates, and any applicable exemptions. These taxes are essential for funding local services such as schools, infrastructure, and public safety. However, the high property taxes can be a financial burden for homeowners, affecting affordability and long-term financial planning. Comparatively, Far Hills' property tax rates are significantly higher than the national median property tax rate of 0.99%, making it crucial for homeowners to understand and manage their tax obligations effectively.
Average Far Hills Tax Bill
$23,689
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 Far Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07931 | $10,146 | $17,492 | $23,689 | $32,088 | $50,478 |
Source: Ownwell