Pompton Lakes, New Jersey Property Taxes
The median property tax rate in Pompton Lakes, NJ is 3.81%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $276,900 in Pompton Lakes, the typical annual property tax bill reaches $10,320, far exceeding the national median of $2,690. Property taxes in Pompton Lakes are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Pompton 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 Pompton 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
Pompton Lakes, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.81%
Estimate Property Tax Bill
$10,550
$9,790
Ownwell’s Pompton Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pompton Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pompton 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 Pompton Lakes, New Jersey
Property taxes in Pompton Lakes, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Pompton Lakes is 3.81%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Pompton Lakes set these rates annually, and they can vary across different neighborhoods. Each year, Pompton 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 Pompton Lakes' effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07442 has the highest median property tax rate of 3.81%, while the same zip code also has the lowest median tax rate of 3.81%. Understanding how these areas compare with Pompton 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 Pompton Lakes Tax Rate
3.81%
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 Pompton Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07442 | 3.48% | 3.77% | 3.81% | 3.81% | 3.81% |
Source: Ownwell
Property Tax Assessment Values Across Pompton Lakes, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pompton Lakes, NJ. 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 Pompton Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 07442, with a median tax bill of $10,320.
Property Tax Assessment Values Across Pompton Lakes, New Jersey
Source: Ownwell
$89,900
$297,200
$504,500
Average Pompton Lakes Assessed Value
$276,900
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 Pompton Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07442 | $159,700 | $230,375 | $276,900 | $321,925 | $381,260 |
Source: Ownwell
Property Tax Bills Across Pompton Lakes, New Jersey
Property tax bills in Pompton Lakes, located in Passaic County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by local assessors who evaluate the property’s market value. This assessed value is then multiplied by the tax rate set by local taxing authorities to determine the annual tax bill. For homeowners in Pompton Lakes, property taxes can significantly impact their finances. The median home price in the area is $276,900, with the tax bill at the 25th percentile being $8,510 and at the 75th percentile reaching $12,125. At the 90th percentile, homeowners may see tax bills as high as $14,372. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates can vary and affect overall tax burdens. Understanding these factors helps homeowners anticipate their annual expenses and plan their budgets accordingly, ensuring they are prepared for their property tax obligations.
Average Pompton Lakes Tax Bill
$10,320
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 Pompton Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07442 | $5,963 | $8,510 | $10,320 | $12,125 | $14,372 |
Source: Ownwell