Franklin Park, New Jersey Property Taxes
The median property tax rate in Franklin Park, NJ is 2.03%, 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 Franklin Park at $263,600, the typical annual property tax bill reaches $5,272, exceeding the national median of $2,690. Property taxes in Franklin 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 Franklin 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 Franklin 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
Franklin Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$5,351
Ownwell’s Franklin Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin 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 Franklin Park, New Jersey
Property taxes in Franklin Park, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin Park is 2.03%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Franklin Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklin 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 Franklin Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08823 has the highest median property tax rate of 2.03%, while the same zip code also has the lowest median tax rate of 2.03%. Understanding how these cities compare with Franklin Park provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Park Tax Rate
2.03%
Average Somerset County Tax Rate
2.05%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08823 | 1.86% | 2.03% | 2.03% | 2.03% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Franklin Park, New Jersey
In Franklin Park, NJ, understanding the difference between "market value" and "assessed value" is essential 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 Somerset 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 Franklin 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 Franklin Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $5,272, found in the 08823 zip code.
Property Tax Assessment Values Across Franklin Park, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Franklin Park Assessed Value
$263,600
Average Somerset County Assessed Value
$415,100
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08823 | $164,180 | $229,100 | $263,600 | $367,775 | $560,270 |
Source: Ownwell
Property Tax Bills Across Franklin Park, New Jersey
Property tax bills in Franklin Park, Somerset County, NJ, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Franklin Park, the median home price is $263,600. The property tax bills range significantly, with the 25th percentile at $4,614, the 75th percentile at $7,261, and the 90th percentile reaching $10,973. The median tax bill in the area stands at $5,272, which is substantially higher than the national median property tax rate of 0.99%. These taxes are crucial for funding local services like schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Franklin Park Tax Bill
$5,272
Average Somerset County Tax Bill
$9,311
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08823 | $3,170 | $4,614 | $5,272 | $7,261 | $10,973 |
Source: Ownwell