Montague, New Jersey Property Taxes
The median property tax rate in Montague, NJ, is 2.89%, 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 $166,600 in Montague, the typical annual property tax bill reaches $4,819, far exceeding the national median of $2,690. Property taxes in Montague are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Montague'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 Montague or another part of Sussex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montague, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$4,815
Ownwell’s Montague Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montague 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 Montague, New Jersey
Property taxes in Montague, 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 Montague is 2.89%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Montague set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montague 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 Montague's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07827 zip code has the highest median property tax rate of 2.89%, while the same zip code also has the lowest median tax rate of 2.89%. Understanding how these areas compare with Montague 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 Montague Tax Rate
2.89%
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 Montague, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07827 | 2.89% | 2.89% | 2.89% | 2.89% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Montague, New Jersey
In Montague, 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 Montague, 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 Montague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Montague are both $4,819, found in the 07827 zip code.
Average Montague Assessed Value
$166,600
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 Montague, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07827 | $52,380 | $86,300 | $166,600 | $212,400 | $252,360 |
Source: Ownwell
Property Tax Bills Across Montague, New Jersey
In Montague, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is based on the market value of the home, which in Montague has a median price of $166,600. Homeowners in Montague experience a wide range of tax bills, with the 25th percentile at $2,495 and the 75th percentile reaching $6,146. For those in the 90th percentile, tax bills can soar to $7,321. These tax bills are influenced by various factors, including the property's assessed value, local tax rates, and applicable exemptions. The median property tax bill in Montague stands at $4,819, which is significantly higher than the national median property tax rate of 0.99%. This higher rate can place a substantial financial burden on homeowners, making it crucial for them to understand their tax assessments and explore potential exemptions. The impact on homeowners is significant, affecting their annual budgets and long-term financial planning.
Average Montague Tax Bill
$4,819
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 Montague, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07827 | $1,514 | $2,495 | $4,819 | $6,146 | $7,321 |
Source: Ownwell