Rockaway, New Jersey Property Taxes
The median property tax rate in Rockaway, NJ is 2.65%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Rockaway at $334,000, the typical annual property tax bill reaches $8,985, far exceeding the national median of $2,690. Property taxes in Rockaway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rockaway’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 Rockaway 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
Rockaway, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$8,851
Ownwell’s Rockaway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockaway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockaway 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 Rockaway, New Jersey
Property taxes in Rockaway, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockaway 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 Rockaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockaway 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 Rockaway's effective property tax rate to other areas in Morris County and the national median. For comparison, the 07866 zip code has the highest median property tax rate of 2.65%, while the same 07866 zip code also has the lowest median tax rate of 2.65%. Understanding how these rates compare within Rockaway 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 Rockaway 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 Rockaway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | 2.44% | 2.61% | 2.65% | 2.76% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Rockaway, New Jersey
In Rockaway, 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 Rockaway, 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 Rockaway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rockaway is $334,000, with annual tax bills ranging from $7,812 at the 25th percentile to $13,958 at the 90th percentile. The highest and lowest median tax bills are both $8,985 in the 07866 zip code.
Average Rockaway Assessed Value
$334,000
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 Rockaway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | $248,800 | $285,600 | $334,000 | $390,300 | $503,080 |
Source: Ownwell
Property Tax Bills Across Rockaway, New Jersey
In Rockaway, 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 tax assessor, who evaluates the property's market value. This value is then multiplied by the tax rate set by the local government to determine the annual property tax bill. For instance, with a median home price of $334,000, homeowners in Rockaway can expect to pay a median property tax bill of $8,985, significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and any improvements made. Homeowners in the 25th percentile pay around $7,812, while those in the 75th percentile face taxes up to $10,746. Those in the 90th percentile could see bills as high as $13,958. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life and property values in the community.
Average Rockaway Tax Bill
$8,985
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 Rockaway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | $6,692 | $7,812 | $8,985 | $10,746 | $13,958 |
Source: Ownwell