Cedar Grove, Passaic County, New Jersey Property Taxes
The median property tax rate in Cedar Grove, NJ is 3.29%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Cedar Grove at $384,100, the typical annual property tax bill reaches $12,484, far exceeding the national median of $2,690. Property taxes in Cedar Grove 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 Cedar Grove'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 Cedar Grove 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
Cedar Grove, Passaic County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.29%
Estimate Property Tax Bill
$12,637
$11,727
Ownwell’s Cedar Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Grove 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 Cedar Grove, Passaic County, New Jersey
Property taxes in Cedar Grove, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Grove is 3.29%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Cedar Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Grove 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 Cedar Grove's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07009 zip code has the highest median property tax rate of 3.29%, while the 07009 zip code also has the lowest median tax rate of 3.29%. Understanding how these cities compare with Cedar Grove provides valuable insights into the varying tax landscape across Passaic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Grove Tax Rate
3.29%
Average Passaic County Tax Rate
4.57%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar Grove, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07009 | 3.01% | 3.21% | 3.29% | 3.29% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Grove, Passaic County, New Jersey
In Cedar Grove, 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 Passaic 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. 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 Cedar Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cedar Grove are both $12,484, specifically in the 07009 zip code.
Property Tax Assessment Values Across Cedar Grove, Passaic County, New Jersey
Source: Ownwell
$89,900
$237,000
$384,100
Average Cedar Grove Assessed Value
$384,100
Average Passaic County Assessed Value
$226,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar Grove, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07009 | $353,240 | $368,800 | $384,100 | $399,175 | $406,500 |
Source: Ownwell
Property Tax Bills Across Cedar Grove, Passaic County, New Jersey
In Cedar Grove, 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 taxing authority and aims to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Cedar Grove, the median home price is $384,100. Property tax bills can vary significantly; the 25th percentile tax bill is $11,699, while the 75th percentile reaches $13,060. The highest median tax bill in the area is $12,484, with the corresponding zip code being 07009. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Cedar Grove's rates are notably higher, reflecting the area's property values and the funding needs of local services. This can significantly affect homeowners, influencing both monthly budgets and long-term financial planning.
Average Cedar Grove Tax Bill
$12,484
Average Passaic County Tax Bill
$9,911
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar Grove, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07009 | $10,989 | $11,699 | $12,484 | $13,060 | $13,358 |
Source: Ownwell