Stockholm, New Jersey Property Taxes
The median property tax rate in Stockholm, NJ is 2.79%, 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 Stockholm at $220,500, the typical annual property tax bill reaches $5,974, exceeding the national median of $2,690. Property taxes in Stockholm 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 Stockholm'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 Stockholm 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
Stockholm, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.79%
Estimate Property Tax Bill
$6,152
Ownwell’s Stockholm Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Stockholm with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Stockholm to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, helping you make informed financial decisions. Scroll down for more localized information if you’re interested in neighborhood-level trends. Your property’s assessed value is determined by Morris County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Stockholm, New Jersey
Property taxes in Stockholm, 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 Stockholm is 2.79%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Stockholm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stockholm 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 Stockholm's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07460 zip code has the highest median property tax rate of 2.79%, while the same zip code also has the lowest median tax rate of 2.79%. Understanding how these areas compare with Stockholm 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 Stockholm Tax Rate
2.79%
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 Stockholm, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07460 | 2.59% | 2.79% | 2.79% | 2.79% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Stockholm, New Jersey
In Stockholm, 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 Assessor 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 Stockholm, 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 Stockholm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $5,974 in the 07460 zip code.
Property Tax Assessment Values Across Stockholm, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Stockholm Assessed Value
$220,500
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 Stockholm, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07460 | $160,800 | $184,250 | $220,500 | $264,750 | $294,400 |
Source: Ownwell
Property Tax Bills Across Stockholm, New Jersey
In Stockholm, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the Morris County tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the assessed value include the home's market value, location, and any improvements or renovations made. Homeowners in Stockholm face property tax bills that can vary significantly. For example, the 25th percentile tax bill is $4,954, while the 75th percentile tax bill is $7,397, and the 90th percentile tax bill reaches $8,184. These figures highlight the range of tax burdens in the area, which can be substantial compared to the national median property tax rate of 0.99%. For a median home price of $220,500, the property tax bill in Stockholm can be a significant financial consideration for homeowners. The highest median tax bill in the area is $5,974, which is consistent across the 07460 zip code. Such high property taxes can impact decisions on homeownership and affordability in the region.
Average Stockholm Tax Bill
$5,974
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 Stockholm, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07460 | $4,385 | $4,954 | $5,974 | $7,397 | $8,184 |
Source: Ownwell