Montville, New Jersey Property Taxes
The median property tax rate in Montville, NJ is 2.52%, 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 Montville at $474,700, the typical annual property tax bill reaches $11,779, far exceeding the national median of $2,690. Property taxes in Montville 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 Montville'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 Montville 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
Montville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$11,962
$11,101
Ownwell’s Montville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Montville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montville 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 Montville, New Jersey
Property taxes in Montville, 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 Montville is 2.52%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Montville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montville 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 Montville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07045 has the highest median property tax rate of 2.52%, while the lowest median tax rate also stands at 2.52%. Understanding how these cities compare with Montville 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 Montville Tax Rate
2.52%
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 Montville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07045 | 2.33% | 2.52% | 2.52% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Montville, New Jersey
In Montville, 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 Montville, 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. Montville residents can see a wide range of tax bills, with the 25th percentile at $9,050 and the 75th percentile at $15,152. The highest median tax bill in the area is $11,779, found in the 07045 zip code, which also has the lowest median tax bill at $11,779. 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 Montville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Montville, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Montville Assessed Value
$474,700
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 Montville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07045 | $247,500 | $366,450 | $474,700 | $605,800 | $818,070 |
Source: Ownwell
Property Tax Bills Across Montville, New Jersey
In Montville, NJ, located in Morris County, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this value is then multiplied by the local tax rate to calculate the tax bill. Factors that influence the tax bill include the property's market value, the local tax rate, and any applicable exemptions or deductions. For homeowners in Montville, the property tax rate is notably higher than the national median property tax rate of 0.99%. The median home price in Montville is $474,700, leading to substantial tax bills. For instance, the 25th percentile tax bill is $9,050, while the 75th percentile tax bill reaches $15,152. At the 90th percentile, homeowners can expect to pay around $20,590. This means that homeowners in Montville face significantly higher property tax bills compared to the national average, impacting their overall cost of homeownership.
Average Montville Tax Bill
$11,779
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 Montville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07045 | $5,906 | $9,050 | $11,779 | $15,152 | $20,590 |
Source: Ownwell