Landing, New Jersey Property Taxes
The median property tax rate in Landing, NJ is 2.63%, 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 Landing, the typical annual property tax bill reaches $6,840, significantly exceeding the national median of $2,690. Property taxes in Landing 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 Landing'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 Landing 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
Landing, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$6,930
$6,431
Ownwell’s LANDING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LANDING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LANDING 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 Landing, New Jersey
Property taxes in Landing, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Landing is 2.63%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Landing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Landing 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 Landing's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07850 zip code has the highest median property tax rate of 2.63%, while the same zip code also has the lowest median tax rate of 2.63%. Understanding how these cities compare with Landing 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 Landing Tax Rate
2.63%
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 Landing, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07850 | 2.44% | 2.63% | 2.63% | 2.63% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Landing, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in LANDING, New Jersey. 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 LANDING, 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 LANDING helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in LANDING is $6,840 in the 07850 zip code, which also has the lowest median tax bill at $6,840.
Average Landing Assessed Value
$263,500
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 Landing, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07850 | $187,040 | $224,550 | $263,500 | $308,850 | $400,320 |
Source: Ownwell
Property Tax Bills Across Landing, New Jersey
In Landing, Morris County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Landing is $263,500 and the property tax rate in Morris County is one of the highest in the nation. Homeowners in Landing can expect their tax bills to vary significantly, with the 25th percentile tax bill at approximately $5,803 and the 75th percentile reaching around $8,136. At the 90th percentile, tax bills can soar to $10,526, reflecting the higher-end properties in the area. These substantial tax rates can place a considerable financial burden on homeowners, making it crucial for them to understand how their property is assessed and to explore potential tax exemptions or appeals. This local tax rate contrasts with the national median property tax rate of 0.99%, highlighting the higher-than-average property taxes in this region.
Average Landing Tax Bill
$6,840
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 Landing, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07850 | $4,808 | $5,803 | $6,840 | $8,136 | $10,526 |
Source: Ownwell