West Milford, New Jersey Property Taxes
The median property tax rate in West Milford, NJ is 3.99%, 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 West Milford at $230,100, the typical annual property tax bill reaches $8,836, far exceeding the national median of $2,690. Property taxes in West Milford 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 West Milford'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 West Milford 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
West Milford, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.99%
Estimate Property Tax Bill
$9,181
Ownwell’s WEST MILFORD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WEST MILFORD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WEST MILFORD 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 West Milford, New Jersey
Property taxes in West Milford, 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 West Milford is 3.99%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within West Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Milford 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 West Milford's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07480 zip code has the highest median property tax rate of 3.99%, while the same zip code also has the lowest median tax rate of 3.99%. Understanding how these cities compare with West Milford 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 West Milford Tax Rate
3.99%
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 West Milford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07480 | 3.25% | 3.89% | 3.99% | 3.99% | 3.99% |
Source: Ownwell
Property Tax Assessment Values Across West Milford, New Jersey
In West Milford, 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 West Milford, 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 West Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in West Milford is $230,100, with the median tax bill ranging from $6,733 at the 25th percentile to $11,281 at the 75th percentile. The highest and lowest median tax bills both stand at $8,836 in the 07480 zip code.
Property Tax Assessment Values Across West Milford, New Jersey
Source: Ownwell
$89,900
$297,200
$504,500
Average West Milford Assessed Value
$230,100
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 West Milford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07480 | $128,000 | $179,600 | $230,100 | $287,750 | $372,580 |
Source: Ownwell
Property Tax Bills Across West Milford, New Jersey
In West Milford, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in West Milford, the median home price is $230,100. Considering the local property tax rate, this results in a median tax bill of $8,836, which is significantly higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the home's assessed value, local tax rate, and any applicable exemptions or deductions. The tax bill can vary widely, with the 25th percentile at $6,733 and the 75th percentile at $11,281. Homeowners in the 90th percentile may see tax bills as high as $14,667. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life and community resources available to residents.
Average West Milford Tax Bill
$8,836
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 West Milford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07480 | $4,807 | $6,733 | $8,836 | $11,281 | $14,667 |
Source: Ownwell