Hawthorne, New Jersey Property Taxes
The median property tax rate in Hawthorne, NJ, is 2.95%, 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 Hawthorne at $363,700, the typical annual property tax bill reaches $10,494, far exceeding the national median of $2,690. Property taxes in Hawthorne 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 Hawthorne'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 Hawthorne 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
Hawthorne, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.95%
Estimate Property Tax Bill
$10,729
Ownwell’s Hawthorne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hawthorne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hawthorne 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 Hawthorne, New Jersey
Property taxes in Hawthorne, 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 Hawthorne is 2.95%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hawthorne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hawthorne 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 Hawthorne's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07506 has the highest median property tax rate of 2.95%, while the same zip code also has the lowest median tax rate of 2.95%. Understanding how these areas compare with Hawthorne 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 Hawthorne Tax Rate
2.95%
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 Hawthorne, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07506 | 2.47% | 2.95% | 2.95% | 2.95% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Hawthorne, New Jersey
In Hawthorne, 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. In Hawthorne, 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. The median home price in Hawthorne is $363,700, with tax bills ranging from $8,968 at the 25th percentile to $14,936 at the 90th percentile. The highest and lowest median tax bills are both $10,494 in zip code 07506. 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 Hawthorne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hawthorne Assessed Value
$363,700
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 Hawthorne, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07506 | $280,360 | $315,850 | $363,700 | $423,700 | $513,640 |
Source: Ownwell
Property Tax Bills Across Hawthorne, New Jersey
In Hawthorne, located in Passaic County, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as the property's location, size, and improvements can influence the assessed value. In Hawthorne, homeowners face a median property tax bill of $10,494, significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual housing costs, which may affect affordability and long-term financial planning. For example, the 25th percentile tax bill in Hawthorne is $8,968, while the 75th percentile tax bill is $12,314, indicating a wide range in property tax burdens. Understanding these factors is crucial for homeowners to manage their expenses and plan for future financial obligations.
Average Hawthorne Tax Bill
$10,494
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 Hawthorne, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07506 | $7,592 | $8,968 | $10,494 | $12,314 | $14,936 |
Source: Ownwell