Woodland Park, New Jersey Property Taxes
The median property tax rate in Woodland Park, NJ is 3.29%, 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 Woodland Park, the typical annual property tax bill reaches $10,132, exceeding the national median of $2,690. Property taxes in Woodland Park 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 Woodland Park'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 Woodland Park 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
Woodland Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.29%
Estimate Property Tax Bill
$10,515
$9,757
Ownwell’s Woodland Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodland Park 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 Woodland Park, New Jersey
Property taxes in Woodland Park, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodland Park is 3.29%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Woodland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodland Park 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 Woodland Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07424 zip code has the highest median property tax rate of 3.29%, while the 07424 zip code also has the lowest median tax rate of 3.29%. Understanding how these cities compare with Woodland Park 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 Woodland Park Tax Rate
3.29%
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 Woodland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07424 | 2.69% | 3.25% | 3.29% | 3.29% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Woodland Park, New Jersey
Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Woodland Park, NJ. 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 local 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 Woodland Park, 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 Woodland Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Woodland Park, the median home price is $319,600. The tax bill for the 25th percentile is $8,323, while the 75th percentile tax bill is $12,720, and the 90th percentile tax bill is $15,637. The highest and lowest median tax bills in the region are both $10,132, found in the zip code 07424.
Property Tax Assessment Values Across Woodland Park, New Jersey
Source: Ownwell
$89,900
$297,200
$504,500
Average Woodland Park Assessed Value
$319,600
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 Woodland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07424 | $219,640 | $266,550 | $319,600 | $399,850 | $479,700 |
Source: Ownwell
Property Tax Bills Across Woodland Park, New Jersey
In Woodland Park, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this area face a significant property tax burden, with tax bills varying widely. For instance, the 25th percentile of tax bills is approximately $8,323, while the 75th percentile reaches around $12,720. The 90th percentile even climbs to $15,637, indicating a substantial range in tax obligations. The tax bill is determined by multiplying the assessed value of a property by the local tax rate. Factors such as the market value of the property, improvements made, and changes in local tax rates can influence the assessed value. This system ensures that tax contributions are proportional to property values, but it can result in high costs for homeowners, especially in areas like Woodland Park where property values are relatively high. The median home price here is $319,600, contributing to higher-than-average property taxes compared to the national median property tax rate of 0.99%.
Average Woodland Park Tax Bill
$10,132
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 Woodland Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07424 | $6,796 | $8,323 | $10,132 | $12,720 | $15,637 |
Source: Ownwell