Wayne, New Jersey Property Taxes
The median property tax rate in Wayne, NJ is 5.65%, 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 $222,300 in Wayne, the typical annual property tax bill reaches $12,284, far exceeding the national median of $2,690. Property taxes in Wayne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wayne'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 Wayne 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
Wayne, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.65%
Estimate Property Tax Bill
$12,560
$11,655
Ownwell’s Wayne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayne 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 Wayne, New Jersey
Property taxes in Wayne, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayne is 5.65%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Wayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayne 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 Wayne's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07470 zip code has the highest median property tax rate of 5.65%, while the same zip code has the lowest median tax rate of 5.65%. Understanding how these areas compare with Wayne 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 Wayne Tax Rate
5.65%
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 Wayne, 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, New Jersey
In Wayne, 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 Wayne, 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. The median home price in Wayne is $222,300, with tax bills ranging from $9,567 at the 25th percentile to $19,009 at the 90th percentile. The highest and lowest median tax bills are both $12,284 in the 07470 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wayne Assessed Value
$222,300
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 Wayne, 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, New Jersey
In Wayne, NJ, part of Passaic County, 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 and reflects a percentage of the property's market value. Wayne's property tax rate is notably higher than the national median of 0.99%, leading to substantial tax bills for homeowners. For instance, the median home price in Wayne is $222,300, and property tax bills can vary significantly. At the 25th percentile, homeowners pay around $9,567 annually, while those at the 75th percentile see bills as high as $15,254. The 90th percentile tax bill reaches an impressive $19,009. The highest median tax bill in Wayne is recorded at $12,284 in the 07470 zip code, which is also the lowest, indicating a consistent tax burden across the area. These high property taxes impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and influencing decisions on buying or selling property in Wayne.
Average Wayne Tax Bill
$12,284
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 Wayne, 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