Newfoundland, Morris County, New Jersey Property Taxes
The median property tax rate in Newfoundland, NJ is 2.65%, 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 Newfoundland at $454,650, the typical annual property tax bill reaches $11,946, far exceeding the national median of $2,690. Property taxes in Newfoundland 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 Newfoundland'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 Newfoundland 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
Newfoundland, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$12,048
$11,180
Ownwell’s Newfoundland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newfoundland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newfoundland 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 Newfoundland, Morris County, New Jersey
Property taxes in Newfoundland, 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 Newfoundland is 2.65%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Newfoundland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newfoundland 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 Newfoundland's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07435 zip code has the highest median property tax rate of 2.65%, while the same zip code also has the lowest median tax rate of 2.65%. Understanding how these figures compare with Newfoundland 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 Newfoundland Tax Rate
2.65%
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 Newfoundland, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07435 | 2.46% | 2.60% | 2.65% | 2.67% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Newfoundland, Morris County, New Jersey
In Newfoundland, 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 Assessment Office 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 Newfoundland, 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 Newfoundland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Newfoundland is $454,650, with tax bills ranging from $9,357 at the 25th percentile to $27,683 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 07435, with a median tax bill of $11,946.
Property Tax Assessment Values Across Newfoundland, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Average Newfoundland Assessed Value
$454,650
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 Newfoundland, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07435 | $301,000 | $356,250 | $454,650 | $636,000 | $1,070,000 |
Source: Ownwell
Property Tax Bills Across Newfoundland, Morris County, New Jersey
Property tax bills in Newfoundland, Morris County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the municipal assessor and is meant to reflect the market value of the home. This value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as market conditions, property improvements, and neighborhood trends can influence the assessed value. Homeowners in Newfoundland face property tax rates that can result in significant tax bills. For instance, the median home price in the area is $454,650, which can lead to substantial property taxes. The 25th percentile tax bill is $9,357, while the 75th percentile reaches $16,677, and the 90th percentile soars to $27,683. These figures are considerably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. Consequently, property taxes can be a major financial consideration for homeowners in Newfoundland.
Property Tax Bills Across Newfoundland, Morris County, New Jersey
Source: Ownwell
$5,771
$14,730
$23,689
Average Newfoundland Tax Bill
$11,946
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 Newfoundland, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07435 | $7,705 | $9,357 | $11,946 | $16,677 | $27,683 |
Source: Ownwell