Franklin Lakes, Passaic County, New Jersey Property Taxes
Median Franklin Lakes, NJ effective property tax rate: 2.93%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Franklin Lakes, NJ home value: $400,950
Median annual Franklin Lakes, NJ tax bill: $11,767, $9,367 higher than the national median property tax bill of $2,400.
How are property taxes in Passaic calculated?
Property taxes in Franklin Lakes, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Franklin Lakes’ property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Franklin Lakes, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Franklin Lakes, Passaic County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.93%
Estimate Property Tax Bill
$11,748
$10,902
Property Tax Rates Across Franklin Lakes, Passaic County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Franklin Lakes in Passaic County, NJ, has a property tax rate that significantly exceeds the national median. The median property tax rate in New Jersey is notably higher than the national average of 1.02%. This means homeowners in Franklin Lakes pay a higher percentage of their property's assessed value in taxes compared to many other parts of the country. Such a high tax rate can be attributed to the county's budgetary needs and the value of properties within its jurisdiction.
Comparing Franklin Lakes' effective property tax rate to other cities in New Jersey and the national median provides insight into the local tax burden. Understanding these rates can help homeowners make informed decisions about property investments and financial planning.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Franklin Lakes Tax Rate
2.93%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Passaic County Tax Rate
4.57%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin Lakes, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Franklin Lakes, Passaic County, New Jersey
When examining property taxes in Franklin Lakes, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Passaic County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Passaic County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Franklin Lakes. For example, the median home price in Franklin Lakes is $400,950, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Franklin Lakes, Passaic County, New Jersey
Source: Ownwell
$89,900
$237,000
$384,100
Median Franklin Lakes Market Value
$400,950
Median Passaic County Market Value
$226,800
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin Lakes, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Franklin Lakes, Passaic County, New Jersey
In Franklin Lakes, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate set by local taxing authorities. In Passaic County, where Franklin Lakes is located, homeowners face a median tax bill significantly higher than the national median of $2,400. For example, the 25th percentile tax bill is $10,740, while the 75th percentile reaches $12,794, and the 90th percentile hits $13,410. These figures highlight the considerable financial burden on homeowners in the area.
Factors influencing property tax bills include the market value of the home, local tax rates, and any applicable exemptions. High property taxes can strain household budgets, making it essential for homeowners to explore potential savings. Ownwell assists homeowners by identifying opportunities to appeal assessments and secure exemptions, potentially reducing their tax burden. By leveraging expert knowledge and experience, Ownwell helps clients achieve significant savings on their property tax bills.
Property Tax Bills Across Franklin Lakes, Passaic County, New Jersey
Source: Ownwell
$3,830
$9,088
$14,346
Median Franklin Lakes Tax Bill
$11,767
Median Passaic County Tax Bill
$9,911
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin Lakes, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell