Totowa, New Jersey Property Taxes
The median property tax rate in Totowa, NJ is 2.44%, 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 Totowa at $351,400, the typical annual property tax bill reaches $8,204, exceeding the national median of $2,690. Property taxes in Totowa 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 Totowa'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 Totowa 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
Totowa, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$8,574
Ownwell’s Totowa Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Totowa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Totowa 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 Totowa, New Jersey
Property taxes in Totowa, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Totowa is 2.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Totowa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Totowa 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 Totowa's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07502 zip code has the highest median property tax rate of 2.44%, while the 07512 zip code has the lowest median tax rate of 2.44%. Understanding how these cities compare with Totowa 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 Totowa Tax Rate
2.44%
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 Totowa, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07502 | 2.44% | 2.44% | 2.44% | 3.54% | 4.20% |
| 07512 | 1.97% | 2.38% | 2.44% | 2.44% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Totowa, New Jersey
In Totowa, 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 Totowa, 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 Totowa 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 07512 at $8,204, while the lowest is 07502 at $4,934.
Average Totowa Assessed Value
$351,400
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 Totowa, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07502 | $92,400 | $133,650 | $202,400 | $213,700 | $220,480 |
| 07512 | $269,800 | $299,650 | $351,400 | $450,700 | $619,340 |
Source: Ownwell
Property Tax Bills Across Totowa, New Jersey
In Totowa, located in Passaic County, NJ, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the municipality and is typically a percentage of the property's market value. For example, with a median home price of $351,400, the tax bill can vary significantly. Factors influencing the tax bill include the property's location, the quality of local services, and school district funding requirements. Homeowners in Totowa experience a range of property tax bills. The 25th percentile pays around $6,921, while those in the 75th percentile face bills closer to $10,641. The highest tax bills, in the 90th percentile, can reach up to $14,664. This variation impacts homeowners differently, with those in the highest median tax bill area, zip code 07512, paying about $8,204, whereas those in the lowest, zip code 07502, pay around $4,934. These tax rates significantly affect the affordability and financial planning of homeowners in the region.
Average Totowa Tax Bill
$8,204
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 Totowa, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07502 | $3,397 | $3,974 | $4,934 | $5,210 | $5,375 |
| 07512 | $5,894 | $6,926 | $8,204 | $10,642 | $14,672 |
Source: Ownwell