Long Valley, New Jersey Property Taxes
The median property tax rate in Long Valley, NJ is 2.68%, 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 Long Valley, the typical annual property tax bill reaches $11,250, exceeding the national median of $2,690. Property taxes in Long Valley 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 Long Valley'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 Long Valley 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
Long Valley, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$11,391
$10,571
Ownwell’s Long Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long Valley 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 Long Valley, New Jersey
Property taxes in Long Valley, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Valley is 2.68%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Long Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long Valley 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 Long Valley's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07853 in Morris County has the highest median property tax rate of 2.68%, while the same zip code also represents the lowest median tax rate of 2.68%. Understanding how these areas compare with Long Valley 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 Long Valley Tax Rate
2.68%
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 Long Valley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07853 | 2.53% | 2.68% | 2.68% | 2.68% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Long Valley, New Jersey
In Long Valley, 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 Long Valley, 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 Long Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the 07853 zip code is $11,250, and property tax bills range from $9,039 at the 25th percentile to $18,035 at the 90th percentile.
Property Tax Assessment Values Across Long Valley, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Long Valley Assessed Value
$425,050
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 Long Valley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07853 | $289,290 | $340,650 | $425,050 | $533,825 | $673,120 |
Source: Ownwell
Property Tax Bills Across Long Valley, New Jersey
In Long Valley, Morris County, 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 assessor and is a percentage of the market value, which can vary based on property type and location. For homeowners in Long Valley, the tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. In Long Valley, the median home price is $425,050, and the tax bills can vary significantly. Homeowners at the 25th percentile pay around $9,039, while those at the 75th percentile face bills of approximately $14,228. At the 90th percentile, tax bills can reach up to $18,035. These property taxes can significantly impact homeowners, influencing their financial planning and the overall affordability of homeownership in the area. The highest and lowest median tax bills in the zip code 07853 are both recorded at $11,250, reflecting the consistency in assessed values and tax rates within the region.
Average Long Valley Tax Bill
$11,250
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 Long Valley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07853 | $7,604 | $9,039 | $11,250 | $14,228 | $18,035 |
Source: Ownwell