Franklin Lakes, New Jersey Property Taxes
The median property tax rate in Franklin Lakes, NJ is 2.93%, 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 Franklin Lakes, the typical annual property tax bill reaches $11,767, exceeding the national median of $2,690. Property taxes in Franklin Lakes 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 Franklin Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Franklin Lakes 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
Franklin Lakes, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.93%
Estimate Property Tax Bill
$11,748
Ownwell’s Franklin Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin Lakes 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 Franklin Lakes, New Jersey
Property taxes in Franklin Lakes, NJ, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin Lakes is 2.93%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Franklin Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklin Lakes 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 Franklin Lakes' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07417 zip code has the highest median property tax rate of 2.93%, while the same zip code also has the lowest median tax rate of 2.93%. Understanding how these cities compare with Franklin Lakes 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 Franklin Lakes Tax Rate
2.93%
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 Franklin Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | 2.93% | 2.93% | 2.93% | 2.93% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Franklin Lakes, New Jersey
In Franklin Lakes, 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 local assessment authorities 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 Franklin Lakes, 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 Franklin Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07417 in Franklin Lakes has both the highest and lowest median tax bill at $11,767, reflecting the uniformity in property tax assessments within the area.
Property Tax Assessment Values Across Franklin Lakes, New Jersey
Source: Ownwell
$89,900
$297,200
$504,500
Average Franklin Lakes Assessed Value
$400,950
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 Franklin Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | $344,990 | $365,975 | $400,950 | $435,925 | $456,910 |
Source: Ownwell
Property Tax Bills Across Franklin Lakes, New Jersey
In Franklin Lakes, NJ, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and reflects a percentage of the property's market value. Homeowners in this area face property tax rates that can significantly impact their annual expenses. For instance, the median home price in Franklin Lakes is $400,950, and property tax bills can vary widely. At the 25th percentile, homeowners might pay around $10,740, while those in the 75th percentile could see bills as high as $12,794. The 90th percentile tax bill reaches approximately $13,410. These figures are considerably higher than the national median property tax rate of 0.99%, highlighting the substantial financial burden on Franklin Lakes residents. Factors such as property improvements, neighborhood developments, and local government budgets also play a role in determining the final tax bill, making it crucial for homeowners to stay informed about their property's assessed value and any potential changes.
Average Franklin Lakes Tax Bill
$11,767
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 Franklin Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07417 | $10,124 | $10,740 | $11,767 | $12,794 | $13,410 |
Source: Ownwell