Wallpack Center, New Jersey Property Taxes
The median property tax rate in Wallpack Center, NJ is 0.72%, which is lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $65,900 in Wallpack Center, the typical annual property tax bill is $476, significantly below the national median of $2,690. Property taxes in Wallpack Center are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wallpack Center's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wallpack Center 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
Wallpack Center, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$474
Ownwell’s Wallpack Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallpack Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallpack Center 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 Sussex County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wallpack Center, New Jersey
Property taxes in Wallpack Center, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallpack Center is 2.17%, significantly higher than both the New Jersey state median of 2.21% and the U.S. national median of 0.99%. Local government entities within Wallpack Center set these rates annually, and they can vary across different neighborhoods. Each year, Wallpack Center 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. For comparison, Sussex County, which encompasses Wallpack Center, has varying tax rates, providing valuable insights into the differing tax landscape across the county. This helps homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallpack Center Tax Rate
0.72%
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 Wallpack Center, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07881 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Wallpack Center, New Jersey
In Wallpack Center, 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. 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 Wallpack Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07881 has the highest and lowest median tax bill, both at $476.
Property Tax Assessment Values Across Wallpack Center, New Jersey
Source: Ownwell
$63,850
$216,550
$369,250
Average Wallpack Center Assessed Value
$65,900
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 Wallpack Center, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07881 | $39,480 | $45,850 | $65,900 | $79,700 | $85,760 |
Source: Ownwell
Property Tax Bills Across Wallpack Center, New Jersey
Property tax bills in Wallpack Center, Sussex County, NJ, are calculated based on the assessed value of a property, which is determined by local government assessors. The median home price in Wallpack Center is $65,900. Homeowners can expect their property tax bills to fall within a range, with the 25th percentile tax bill being $331 and the 75th percentile reaching $575. The 90th percentile tax bill is $619, indicating the upper range for most homeowners. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Wallpack Center's property tax rate can seem relatively moderate, offering some relief to homeowners. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly, ensuring they are prepared for these expenses.
Average Wallpack Center Tax Bill
$476
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 Wallpack Center, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07881 | $285 | $331 | $476 | $575 | $619 |
Source: Ownwell