Byram Township, New Jersey Property Taxes
The median property tax rate in Byram Township, NJ is 3.66%, 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 Byram Township at $245,500, the typical annual property tax bill reaches $8,982, significantly exceeding the national median of $2,690. Property taxes in Byram Township 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 Byram Township'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 Byram Township 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
Byram Township, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.66%
Estimate Property Tax Bill
$8,985
Ownwell’s Byram Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byram Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byram Township 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 Byram Township, New Jersey
Property taxes in Byram Township, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byram Township is 3.66%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Byram Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byram Township 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 Byram Township's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07821 has the highest median property tax rate of 3.66%, while the lowest median tax rate is also 3.66%. Understanding how these areas compare with Byram Township provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byram Township Tax Rate
3.66%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byram Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | 3.66% | 3.66% | 3.66% | 3.66% | 3.66% |
Source: Ownwell
Property Tax Assessment Values Across Byram Township, New Jersey
In Byram Township, 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 Sussex 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 Byram Township, 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. For example, the median home price in Byram Township is $245,500. The 25th percentile tax bill is $7,030, while the 75th percentile tax bill is $10,645, and the 90th percentile tax bill reaches $13,246. The zip code with both the highest and lowest median tax bill is 07821, with a value of $8,982. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Byram Township, New Jersey
Source: Ownwell
$63,850
$216,550
$369,250
Average Byram Township Assessed Value
$245,500
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byram Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | $128,470 | $192,075 | $245,500 | $290,550 | $362,520 |
Source: Ownwell
Property Tax Bills Across Byram Township, New Jersey
In Byram Township, Sussex County, NJ, 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 township's tax assessor, who evaluates the property's market value and applies an assessment ratio. Homeowners in Byram Township face a median property tax bill of $8,982.00, significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and improvements. For instance, homes in the 25th percentile have tax bills around $7,030, while those in the 75th percentile see amounts closer to $10,645. The highest tax bills, at the 90th percentile, reach up to $13,246. These figures illustrate the variability in tax burdens depending on property characteristics and market conditions. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning. Understanding these factors helps residents anticipate their tax liabilities and manage their budgets effectively.
Average Byram Township Tax Bill
$8,982
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Byram Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | $4,702 | $7,030 | $8,982 | $10,645 | $13,246 |
Source: Ownwell