Elmwood Park, Bergen County, New Jersey Property Taxes
Median Elmwood Park, NJ effective property tax rate: 3.01%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Elmwood Park, NJ home value: $309,500
Median annual Elmwood Park, NJ tax bill: $9,322, $6,922 higher than the national median property tax bill of $2,400.
How are property taxes in Bergen calculated?
Property taxes in Elmwood Park, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Elmwood Park’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Elmwood Park, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Elmwood Park, Bergen County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.01%
Estimate Property Tax Bill
$9,316
$8,645
Property Tax Rates Across Elmwood Park, Bergen County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Elmwood Park’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S.
Elmwood Park in Bergen County has an effective property tax rate of 3.01%, significantly higher than the national median of 1.02%. This means homeowners in Elmwood Park face one of the highest property tax rates in the country. The median property tax bill in the area is correspondingly substantial, reflecting the higher rate. This stark contrast highlights the importance of understanding local tax rates and seeking potential reductions or exemptions. By appealing your property tax assessment or exploring exemption options, you could potentially lower your annual tax burden, offering some financial relief in a high-tax region like Elmwood Park.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Elmwood Park Tax Rate
3.01%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Bergen County Tax Rate
2.73%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Elmwood Park, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07407 | 3.01% | 3.01% | 3.01% | 3.01% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Elmwood Park, Bergen County, New Jersey
When examining property taxes in Elmwood Park, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Bergen County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Bergen County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Elmwood Park.
For example, the median home price in Elmwood Park is $309,500, with tax bills ranging significantly across the county. 07407 has the highest median home price at $309,500.
Property Tax Assessment Values Across Elmwood Park, Bergen County, New Jersey
Source: Ownwell
$256,600
$1,236,600
$2,216,600
Median Elmwood Park Market Value
$309,500
Median Bergen County Market Value
$421,800
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Elmwood Park, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07407 | $249,900 | $270,700 | $309,500 | $380,000 | $466,150 |
Source: Ownwell
Property Tax Bills Across Elmwood Park, Bergen County, New Jersey
In Elmwood Park, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. With a median home price of $309,500, property taxes can be a significant expense for homeowners. The median property tax bill in Bergen County is notably higher than the national median, with residents typically paying around $9,322. This figure reflects the higher cost of living and property values in the area. Factors influencing the tax bill include the home's assessed value, local government budgets, and school district funding needs.
For homeowners in Elmwood Park, these high property taxes can be daunting. That's where Ownwell steps in. By offering expert property tax appeal and exemption services, Ownwell helps homeowners potentially reduce their tax burdens. Our team of specialists reviews property assessments for inaccuracies and guides homeowners through the appeal process, ensuring they pay only their fair share. With Ownwell's support, Elmwood Park homeowners can achieve meaningful savings on their property tax bills.
Property Tax Bills Across Elmwood Park, Bergen County, New Jersey
Source: Ownwell
$4,393
$11,280
$18,167
Median Elmwood Park Tax Bill
$9,322
Median Bergen County Tax Bill
$11,253
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Elmwood Park, Bergen County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07407 | $7,524 | $8,153 | $9,322 | $11,437 | $14,006 |
Source: Ownwell