Ledgewood, New Jersey Property Taxes
The median property tax rate in Ledgewood, 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 Ledgewood at $294,050, the typical annual property tax bill reaches $7,628, exceeding the national median of $2,690. Property taxes in Ledgewood 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 Ledgewood'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 Ledgewood 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
Ledgewood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$7,734
$7,176
Ownwell’s Ledgewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ledgewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ledgewood 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 Ledgewood, New Jersey
Property taxes in Ledgewood, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ledgewood 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 Ledgewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ledgewood 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 Ledgewood's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07852 zip code has the highest median property tax rate of 2.63%, while the lowest median tax rate is also 2.63%. Understanding how these areas compare with Ledgewood 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 Ledgewood 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 Ledgewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07852 | 2.43% | 2.63% | 2.63% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Ledgewood, New Jersey
In Ledgewood, 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 Ledgewood, 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 Ledgewood is $294,050, with tax bills ranging significantly. The 25th percentile tax bill is $5,855, while the 75th percentile reaches $11,445, and the 90th percentile is $12,665. The zip code with the highest and lowest median tax bill is 07852, both at $7,628. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Ledgewood, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Ledgewood Assessed Value
$294,050
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 Ledgewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07852 | $202,900 | $225,350 | $294,050 | $435,725 | $482,100 |
Source: Ownwell
Property Tax Bills Across Ledgewood, New Jersey
In Ledgewood, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Morris County. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the tax rate to calculate the annual tax bill. For homeowners in Ledgewood, the median home price is $294,050, resulting in varying tax bills across different percentiles. For instance, the 25th percentile tax bill is $5,855, while the 75th percentile reaches $11,445, and the 90th percentile peaks at $12,665. These tax bills significantly impact homeowners by influencing their annual expenses and potentially affecting their ability to afford their homes. Compared to the national median property tax rate of 0.99%, Ledgewood’s rates are notably higher, reflecting the local government's funding needs for services like schools, infrastructure, and public safety.
Average Ledgewood Tax Bill
$7,628
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 Ledgewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07852 | $5,263 | $5,855 | $7,628 | $11,445 | $12,665 |
Source: Ownwell