Nutley, New Jersey Property Taxes
The median property tax rate in Nutley, NJ is 5.71%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With a median home value of $178,950 in Nutley, the typical annual property tax bill reaches $9,903, far exceeding the national median of $2,690. Property taxes in Nutley 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 Nutley'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 Nutley 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
Nutley, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.71%
Estimate Property Tax Bill
$10,218
Ownwell’s Nutley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nutley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nutley 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 Nutley, New Jersey
Property taxes in Nutley, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nutley is 5.71%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Nutley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nutley 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 Nutley's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07110 has the highest median property tax rate of 5.71%, while the same zip code also has the lowest median tax rate of 5.71%. Understanding how these cities compare with Nutley 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 Nutley Tax Rate
5.71%
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 Nutley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07110 | 4.64% | 5.59% | 5.71% | 5.71% | 5.71% |
Source: Ownwell
Property Tax Assessment Values Across Nutley, New Jersey
In Nutley, 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 Nutley, 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 Nutley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Nutley are both $9,903, found in zip code 07110.
Average Nutley Assessed Value
$178,950
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 Nutley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07110 | $145,360 | $158,425 | $178,950 | $251,025 | $267,780 |
Source: Ownwell
Property Tax Bills Across Nutley, New Jersey
Property tax bills in Nutley, NJ are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, determined by the local tax assessor. Homeowners in Nutley can expect their property tax bills to vary significantly, influenced by factors such as property size, location, and home improvements. For instance, the median home price in Nutley is $178,950, leading to a range of tax bills. The 25th percentile tax bill stands at $8,949, while the 75th percentile reaches $13,110, and the 90th percentile hits $14,992. These figures highlight the variability in property tax burdens among homeowners. Compared to the national median property tax rate of 0.99%, Nutley's tax rates result in relatively higher tax bills. This can impact homeowners' financial planning and the overall affordability of living in Nutley, making it essential for residents to stay informed about their property assessments and potential exemptions.
Average Nutley Tax Bill
$9,903
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 Nutley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07110 | $7,247 | $8,949 | $9,903 | $13,110 | $14,992 |
Source: Ownwell