Prospect Park, Passaic County, New Jersey Property Taxes
Median Prospect Park, NJ effective property tax rate: 5.41%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%. Median Prospect Park, NJ home value: $209,750. Median annual Prospect Park, NJ tax bill: $11,251, $8,851 higher than the national median property tax bill of $2,400.
How are property taxes in Passaic calculated?
Property taxes in Prospect 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 Prospect Park’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Prospect Park, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Prospect Park, Passaic County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
5.41%
Estimate Property Tax Bill
$11,347
$10,530
Property Tax Rates Across Prospect Park, Passaic County, New Jersey
Local government entities are responsible for setting tax rates, which can differ significantly within a state. This variation occurs because each county annually estimates its budget needs for providing services and divides that by the total assessed value of all taxable property within its jurisdiction. This calculation determines the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is the basic annual process.
In Prospect Park, located in Passaic County, NJ, the effective property tax rate stands out compared to other cities in New Jersey and the national average. The median property tax rate in Prospect Park is notably higher than the national median of 1.02%. This means that homeowners in Prospect Park may face a significantly larger tax bill compared to the national median property tax bill of $2,400.
Understanding these differences can be crucial for property owners when considering their financial planning and potential savings through property tax appeals. By comparing Prospect Park's effective property tax rate to other cities in New Jersey and the U.S. median, property owners can gain insight into their tax obligations and explore opportunities for reducing their tax burden.
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 Prospect Park Tax Rate
5.41%
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 Passaic County Tax Rate
4.57%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Prospect Park, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07508 | 5.10% | 5.41% | 5.41% | 5.41% | 5.41% |
Source: Ownwell
Property Tax Assessment Values Across Prospect Park, Passaic County, New Jersey
When examining property taxes in Prospect 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 Passaic 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.
In Passaic 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 Prospect Park.
For example, the median home price in Prospect Park is $209,750, with tax bills ranging significantly across the county. Zip code 07508 has the highest median home price at $209,750.
Property Tax Assessment Values Across Prospect Park, Passaic County, New Jersey
Source: Ownwell
$89,900
$237,000
$384,100
Median Prospect Park Market Value
$209,750
Median Passaic County Market Value
$226,800
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Prospect Park, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07508 | $156,410 | $179,600 | $209,750 | $242,100 | $271,380 |
Source: Ownwell
Property Tax Bills Across Prospect Park, Passaic County, New Jersey
Property Tax Bills Across Prospect Park, Passaic County, New Jersey
Source: Ownwell
$3,830
$9,088
$14,346
Median Prospect Park Tax Bill
$11,251
Median Passaic County Tax Bill
$9,911
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Prospect Park, Passaic County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07508 | $8,211 | $9,580 | $11,251 | $13,008 | $14,604 |
Source: Ownwell