Verona, Essex County, New Jersey Property Taxes
Median Verona, NJ effective property tax rate: 2.99%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Verona, NJ home value: $423,300
Median annual Verona, NJ tax bill: $12,663, $10,263 higher than the national median property tax bill of $2,400.
How are property taxes in Essex County calculated?
Property taxes in Verona, 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 Verona’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Verona, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Verona, Essex County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.99%
Estimate Property Tax Bill
$12,657
$11,745
Property Tax Rates Across Verona, Essex County, New Jersey
Local government entities determine property tax rates, which can significantly differ within a state. This variation exists because each county calculates its necessary budget to fund services and divides it by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and legislation play a role in setting these rates and budgets, this is essentially the annual process.
In Verona, Essex County, NJ, the property tax rate is notably higher compared to many other cities in New Jersey and across the United States. The median property tax rate in New Jersey is among the highest in the nation, and Verona's rate is reflective of this trend. With the national median property tax rate at 1.02%, Verona's rate is significantly above average, highlighting the importance of understanding local property tax dynamics. By comparing Verona's effective property tax rate to others within New Jersey and the national median, property owners can better grasp the financial landscape and explore potential property tax appeal opportunities.
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 Verona Tax Rate
2.99%
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 Essex County Tax Rate
3.51%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Verona, Essex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07044 | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Essex County, New Jersey
When examining property taxes in Verona, 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 Essex County Board of Taxation 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.
In Essex 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 Verona. For example, the median home price in Verona is $423,300, with tax bills ranging significantly across the county. Zip code 07044 has the highest median home price at $423,300.
Property Tax Assessment Values Across Verona, Essex County, New Jersey
Source: Ownwell
$139,900
$749,150
$1,358,400
Median Verona Market Value
$423,300
Median Essex County Market Value
$335,900
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Verona, Essex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07044 | $181,900 | $355,000 | $423,300 | $511,600 | $629,200 |
Source: Ownwell
Property Tax Bills Across Verona, Essex County, New Jersey
In Verona, Essex County, NJ, property tax bills are determined by assessing the property's market value and applying the local tax rate. Homeowners in Verona face a median property tax bill of $12,663, significantly higher than the national median of $2,400, reflecting the area's elevated property values and tax rates. Factors influencing these taxes include the property's assessed value, local budget requirements, and the county's tax rate. For homeowners, these high tax bills can be a financial burden, impacting their overall housing affordability.
Ownwell offers a solution by providing expert property tax appeal and exemption services. By analyzing property assessments, Ownwell identifies potential discrepancies and opportunities for tax reductions. Their team navigates the complex appeal process on behalf of homeowners, ensuring they pay only their fair share. This service can lead to substantial savings, alleviating some of the financial strain associated with high property taxes in Verona. With Ownwell's assistance, homeowners can achieve greater financial peace of mind.
Median Verona Tax Bill
$12,663
Median Essex County Tax Bill
$11,297
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Verona, Essex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07044 | $5,444 | $10,607 | $12,663 | $15,309 | $18,834 |
Source: Ownwell