Fanwood, Union County, New Jersey Property Taxes
Median Fanwood, NJ effective property tax rate: 2.81%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Fanwood, NJ home value: $453,500
Median annual Fanwood, NJ tax bill: $12,617, $10,217 higher than the national median property tax bill of $2,400.
How are property taxes in Union calculated?
Property taxes in Fanwood, 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 Fanwood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Fanwood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Fanwood, Union County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.81%
Estimate Property Tax Bill
$12,743
$11,825
Property Tax Rates Across Fanwood, Union County, New Jersey
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 Fanwood Tax Rate
2.81%
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 Union County Tax Rate
6.95%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Fanwood, Union County, New Jersey
Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
07023 | 2.62% | 2.81% | 2.81% | 2.81% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Fanwood, Union County, New Jersey
Property Tax Assessment Values Across Fanwood, Union County, New Jersey
Source: Ownwell

$54,000
$394,450
$734,900
Median Fanwood Market Value
$453,500
Median Union County Market Value
$138,900
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Fanwood, Union County, New Jersey
Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
07023 | $361,400 | $409,300 | $453,500 | $503,500 | $576,240 |
Source: Ownwell
Property Tax Bills Across Fanwood, Union County, New Jersey
In Fanwood, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. With a median home price of $453,500, many homeowners in Fanwood find themselves paying significantly more than the national median property tax bill of $2,400. In fact, the median property tax bill in Fanwood is $12,617, which is one of the highest in the nation. This hefty tax bill can be a significant financial burden for homeowners, affecting their overall cost of living and potentially impacting home affordability.
Ownwell offers a solution by helping homeowners appeal their property tax assessments. By ensuring that homes are fairly assessed, Ownwell can help reduce the tax burden. Their expertise in property tax appeals and exemptions allows homeowners to potentially lower their tax bills, ensuring they pay only what is necessary and fair.
Median Fanwood Tax Bill
$12,617
Median Union County Tax Bill
$10,366
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Fanwood, Union County, New Jersey
Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
07023 | $9,862 | $11,276 | $12,617 | $14,102 | $16,158 |
Source: Ownwell