Florham Park, New Jersey Property Taxes
The median property tax rate in Florham Park, NJ is 1.60%, 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 Florham Park at $605,200, the typical annual property tax bill reaches $9,443, significantly exceeding the national median of $2,690. Property taxes in Florham Park 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 Florham Park'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 Florham Park 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
Florham Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$9,683
Ownwell’s Florham Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florham Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florham Park 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 Florham Park, New Jersey
Property taxes in Florham Park, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florham Park is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Florham Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florham Park 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 Florham Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07932 zip code has the highest median property tax rate of 1.60%, while the 07932 zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Florham Park 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 Florham Park Tax Rate
1.60%
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 Florham Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07932 | 1.47% | 1.59% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Florham Park, New Jersey
In Florham Park, 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 Florham Park, 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. The median home price in Florham Park is $605,200, with the 25th percentile tax bill at $7,024 and the 75th percentile tax bill at $12,249. Interestingly, the zip code 07932 has both the highest and lowest median tax bill at $9,443. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Florham Park, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Florham Park Assessed Value
$605,200
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 Florham Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07932 | $320,000 | $454,150 | $605,200 | $778,450 | $966,060 |
Source: Ownwell
Property Tax Bills Across Florham Park, New Jersey
In Florham Park, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and is meant to reflect a percentage of the property's market value. The tax rate, set by local government entities, is applied to this assessed value to calculate the annual property tax bill. For example, homeowners in Florham Park experience varying tax obligations depending on their property's value. The median home price in the area is $605,200, leading to a significant range in tax bills. At the 25th percentile, the tax bill is approximately $7,024, while at the 75th percentile, it rises to about $12,249. For those in the 90th percentile, tax bills can reach as high as $15,171. These property taxes significantly impact homeowners, often representing a substantial annual expense. Compared to the national median property tax rate of 0.99%, Florham Park's rates are considerably higher, reflecting the area's property values and local tax policies.
Average Florham Park Tax Bill
$9,443
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 Florham Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07932 | $4,910 | $7,024 | $9,443 | $12,249 | $15,171 |
Source: Ownwell