Stamping Ground, New Jersey Property Taxes
The median property tax rate in Stamping Ground, NJ is 3.91%, 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 Stamping Ground at $504,500, the typical annual property tax bill reaches $19,736, significantly exceeding the national median of $2,690. Property taxes in Stamping Ground 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 Stamping Ground'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 Stamping Ground 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
Stamping Ground, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.91%
Estimate Property Tax Bill
$19,726
$18,305
Ownwell’s Stamping Ground Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stamping Ground with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stamping Ground 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 Stamping Ground, New Jersey
Property taxes in Stamping Ground, 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 Stamping Ground is 3.91%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Stamping Ground set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stamping Ground 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 Stamping Ground's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 40379 has the highest median property tax rate of 3.91%, while the same zip code also has the lowest median tax rate of 3.91%. Understanding how these cities compare with Stamping Ground 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 Stamping Ground Tax Rate
3.91%
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 Stamping Ground, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40379 | 3.91% | 3.91% | 3.91% | 3.91% | 3.91% |
Source: Ownwell
Property Tax Assessment Values Across Stamping Ground, New Jersey
In Stamping Ground, 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 Stamping Ground, 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 Stamping Ground helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40379, with a bill of $19,736, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Stamping Ground, New Jersey
Source: Ownwell
$89,900
$297,200
$504,500
Average Stamping Ground Assessed Value
$504,500
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 Stamping Ground, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40379 | $504,500 | $504,500 | $504,500 | $504,500 | $504,500 |
Source: Ownwell
Property Tax Bills Across Stamping Ground, New Jersey
In Stamping Ground, Passaic County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor, who evaluates the property's market value. The tax rate, which is set by local government entities, is then applied to the assessed value to calculate the annual tax bill. Homeowners in Stamping Ground face a significant property tax burden, with the median home price at $504,500 translating into substantial tax bills. For example, the median tax bill in the area is $19,736, which is notably higher than the national median property tax rate of 0.99%. This high tax rate can significantly impact homeowners, influencing their overall housing costs and financial planning. Factors such as changes in local government budgets, property values, and tax rates can all affect the final tax bill. Therefore, staying informed about these elements is crucial for homeowners to anticipate and manage their property tax expenses effectively.
Average Stamping Ground Tax Bill
$19,736
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 Stamping Ground, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40379 | $19,736 | $19,736 | $19,736 | $19,736 | $19,736 |
Source: Ownwell