Belvidere, New Jersey Property Taxes
The median property tax rate in Belvidere, NJ is 2.29%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Belvidere at $188,200, the typical annual property tax bill reaches $5,893, far exceeding the national median of $2,690. Property taxes in Belvidere 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 Belvidere'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 Belvidere 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
Belvidere, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.29%
Estimate Property Tax Bill
$4,310
Ownwell’s Belvidere Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belvidere with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belvidere 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 Belvidere, New Jersey
Property taxes in Belvidere, 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 Belvidere is 2.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Belvidere set these rates annually, and they can vary across different neighborhoods. Each year, Belvidere 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 Belvidere's effective property tax rate to other areas in Warren County and the national median. For comparison, the zip code 07823 has the highest median property tax rate of 2.29%, and the lowest median tax rate of 2.29%. Understanding how these areas compare with Belvidere provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belvidere Tax Rate
2.29%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belvidere, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07823 | 2.29% | 2.29% | 2.29% | 5.67% | 5.67% |
Source: Ownwell
Property Tax Assessment Values Across Belvidere, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Belvidere, 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 Warren 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 Belvidere, 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 Belvidere helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,893, found in zip code 07823.
Average Belvidere Assessed Value
$188,200
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belvidere, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07823 | $94,700 | $127,550 | $188,200 | $260,300 | $337,340 |
Source: Ownwell
Property Tax Bills Across Belvidere, New Jersey
In Belvidere, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is estimated based on recent sales of similar properties in the area. Factors such as the size, location, and condition of the home also influence this valuation. For homeowners in Belvidere, the median home price is $188,200. The property tax rate in Warren County results in tax bills that can vary significantly. Homeowners at the 25th percentile can expect to pay around $4,745 annually, while those at the 75th percentile might see bills as high as $7,412. At the 90th percentile, the tax bill can reach up to $9,015. These figures highlight the substantial impact property taxes can have on household budgets in Belvidere, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their annual tax obligations more accurately.
Average Belvidere Tax Bill
$5,893
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Belvidere, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07823 | $3,495 | $4,745 | $5,893 | $7,412 | $9,015 |
Source: Ownwell