Totowa, Passaic County, New Jersey Property Taxes

Name: Property Tax Bills Across Totowa, Passaic County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Totowa, NJ effective property tax rate: 2.44%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Totowa, NJ home value: $351,400
Median annual Totowa, NJ tax bill: $8,204, $5,804 higher than the national median property tax bill of $2,400.

How are property taxes in Passaic calculated?

Property taxes in Totowa, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Totowa’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Totowa, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Totowa, Passaic County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.44%

Estimate Property Tax Bill

$8,574

$7,957

Ownwell’s Totowa Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Totowa with just two data points. By entering your property's estimated assessed value, our calculator applies Totowa’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Passaic County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Totowa, Passaic County, New Jersey

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Totowa’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S. Totowa, located in Passaic County, has a median property tax rate of 2.44%, which is significantly higher than the national median of 1.02%. This reflects New Jersey's overall trend, as the state consistently ranks among the highest in the nation for property taxes. Whether you’re a homeowner or prospective buyer, understanding these rates can help you make informed decisions about property investments and financial planning.

Property Tax Rates Across Totowa, Passaic County, New Jersey

Source: Ownwell

2.44%

4.07%

5.71%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Totowa Tax Rate

2.44%

Median Effective Passaic County Tax Rate

4.57%

Median Effective New Jersey Tax Rate

2.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Totowa, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07512	1.97%	2.38%	2.44%	2.44%	2.44%
07502	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Totowa, Passaic County, New Jersey

When examining property taxes in Totowa, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Passaic County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In Passaic County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Totowa. For example, the median home price in Totowa is $351,400, with tax bills ranging significantly across the county. 07512 has the highest median home price at $351,400.

Property Tax Assessment Values Across Totowa, Passaic County, New Jersey

Source: Ownwell

$89,900

$237,000

$384,100

Median Totowa Market Value

$351,400

Median Passaic County Market Value

$226,800

Median New Jersey Market Value

$282,900

Median United States Market Value

$235,294

Property Tax Assessment Values Across Totowa, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07512	$269,800	$299,650	$351,400	$450,700	$619,340
07502	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Totowa, Passaic County, New Jersey

In Totowa, Passaic County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. With a median home price of $351,400, homeowners in Totowa can expect property tax bills that vary significantly. For example, the 25th percentile tax bill is $6,921, while the 75th percentile reaches $10,641, and the 90th percentile climbs to $14,664. The median tax bill in Totowa is notably higher than the national median of $2,400, reflecting the state's reputation for higher property taxes. This can place a substantial financial burden on homeowners. Ownwell offers property tax appeal and exemption services to help homeowners reduce their tax bills. By leveraging our expertise, homeowners can potentially lower their assessed values and, consequently, their property tax obligations, alleviating some of the financial pressure associated with homeownership in Totowa.

Property Tax Bills Across Totowa, Passaic County, New Jersey

Source: Ownwell

$3,830

$9,088

$14,346

Median Totowa Tax Bill

$8,204

Median Passaic County Tax Bill

$9,911

Median New Jersey Tax Bill

$8,227

Median United States Tax Bill

$2,400

Property Tax Bills Across Totowa, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07512	$5,894	$6,926	$8,204	$10,642	$14,672
07502	N/A	N/A	N/A	N/A	N/A

Source: Ownwell