Wanaque, Passaic County, New Jersey Property Taxes

Name: Property Tax Bills Across Wanaque, Passaic County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Wanaque, NJ effective property tax rate: 4.14%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Wanaque, NJ home value: $259,600
Median annual Wanaque, NJ tax bill: $10,379, $7,979 higher than the national median property tax bill of $2,400.

How are property taxes in Passaic calculated?

Property taxes in Wanaque, 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 Wanaque’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Wanaque, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Wanaque, Passaic County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

4.14%

Estimate Property Tax Bill

$10,747

$9,973

Ownwell’s Wanaque Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wanaque with just two data points. By entering your property's estimated assessed value, our calculator applies Wanaque’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Passaic County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Wanaque, Passaic County, New Jersey

Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play roles in setting tax rates and budgets, this is the annual process in a nutshell.

In Wanaque, located in Passaic County, New Jersey, the effective property tax rate stands out compared to other cities in the state. With a median property tax rate of 4.14%, Wanaque significantly exceeds the national median property tax rate of 1.02%. This high rate reflects the local government's budgetary needs and the value of taxable properties in the area.

By understanding these rates, property owners in Wanaque can better anticipate their tax responsibilities. Comparing Wanaque's tax rate to the national average highlights the importance of property tax appeals and exemption services for homeowners in high-tax areas.

Property Tax Rates Across Wanaque, Passaic County, New Jersey

Source: Ownwell

2.44%

4.07%

5.71%

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 Wanaque Tax Rate

4.14%

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 Wanaque, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07465	3.76%	4.05%	4.14%	4.14%	4.14%

Source: Ownwell

Property Tax Assessment Values Across Wanaque, Passaic County, New Jersey

When examining property taxes in Wanaque, 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. Assessment notices: 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 Wanaque. For example, the median home price in Wanaque is $259,600, with tax bills ranging significantly across the county. 07465 has the highest median home price at $259,600.

Property Tax Assessment Values Across Wanaque, Passaic County, New Jersey

Source: Ownwell

$89,900

$237,000

$384,100

Median Wanaque Market Value

$259,600

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 Wanaque, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07465	$8,500	$208,700	$259,600	$287,600	$342,420

Source: Ownwell

Property Tax Bills Across Wanaque, Passaic County, New Jersey

In Wanaque, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor, reflecting a percentage of the market value of the property. In Passaic County, where Wanaque is located, the median property tax bill is notably high, with homeowners paying around $10,379 annually, significantly above the national median of $2,400. Factors influencing the tax bill include property size, location, and market trends. For homeowners, these high tax bills can be a substantial financial burden. Ownwell can assist homeowners by providing expert property tax appeal services. By reviewing your property's assessed value and comparing it with similar properties, Ownwell identifies discrepancies and potential over-assessments. This meticulous process can lead to a reduction in your property tax bill, offering significant savings. With Ownwell's assistance, homeowners can ensure they are not overpaying and are only taxed on the fair value of their property.

Property Tax Bills Across Wanaque, Passaic County, New Jersey

Source: Ownwell

$3,830

$9,088

$14,346

Median Wanaque Tax Bill

$10,379

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 Wanaque, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07465	$352	$8,403	$10,379	$11,756	$13,938

Source: Ownwell