Wayne, Passaic County, New Jersey Property Taxes
Median Wayne, NJ effective property tax rate: 5.65%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Wayne, NJ home value: $222,300
Median annual Wayne, NJ tax bill: $12,284, $9,884 higher than the national median property tax bill of $2,400.
How are property taxes in Passaic calculated?
Property taxes in Wayne, 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 Wayne’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Wayne, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Wayne, Passaic County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
5.65%
Estimate Property Tax Bill
$12,560
$11,655
Ownwell’s Wayne Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wayne with just two data points. By entering your property's estimated assessed value, our calculator applies Wayne’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 Wayne, Passaic County, New Jersey
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variation is primarily because each county annually estimates its budget requirements to provide essential services and then divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the core of the annual process.
In Wayne, located in Passaic County, NJ, the effective property tax rate is notably higher than both the state and national averages. With a median property tax rate of 5.65%, Wayne's rate stands out, especially when compared to the national median property tax rate of 1.02%. This rate is consistent across the region, as both the highest and lowest median tax rates in the area are the same. Property owners in Wayne face a unique challenge with these elevated rates, which significantly impact their annual tax bills. Understanding these rates is crucial for property owners looking to manage their financial responsibilities effectively.
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 Wayne Tax Rate
5.65%
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 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 Wayne, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07470 | 4.82% | 5.65% | 5.65% | 5.65% | 5.65% |
Source: Ownwell
Property Tax Assessment Values Across Wayne, Passaic County, New Jersey
When examining property taxes in Wayne, 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 April. 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 Wayne.
For example, the median home price in Wayne is $222,300, with tax bills ranging significantly across the county. 07470 has the highest median home price at $222,300.
Property Tax Assessment Values Across Wayne, Passaic County, New Jersey
Source: Ownwell
$89,900
$237,000
$384,100
Median Wayne Market Value
$222,300
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 Wayne, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07470 | $131,400 | $175,800 | $222,300 | $272,550 | $338,300 |
Source: Ownwell
Property Tax Bills Across Wayne, Passaic County, New Jersey
Median Wayne Tax Bill
$12,284
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 Wayne, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07470 | $7,011 | $9,567 | $12,284 | $15,254 | $19,009 |
Source: Ownwell