Fanwood, Union County, New Jersey Property Taxes

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

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

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.81%

Estimate Property Tax Bill

$12,743

$11,825

Ownwell’s Fanwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fanwood with just two data points. By entering your property's estimated assessed value, our calculator applies Fanwood’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 Union County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Fanwood, Union County, New Jersey

Local government entities set tax rates, which can vary widely within a state. This variation is due to the fact that each county estimates its required budget to provide services annually 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. In Fanwood, located in Union County, NJ, the effective property tax rate is notably higher than the national median of 1.02%. This makes Fanwood's rate one of the highest in the area, reflecting the demand for local services and the valuation of properties. When compared to other cities in New Jersey and the national median, Fanwood's property tax rate underscores the importance of understanding local tax dynamics. Whether you're a homeowner or prospective buyer, being informed about these rates can significantly impact your financial planning and property investment decisions.

Property Tax Rates Across Fanwood, Union County, New Jersey

Source: Ownwell

2.00%

6.64%

11.29%

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%

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

When examining property taxes in Fanwood, 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 Union County Tax Assessor 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: Assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Fanwood. For example, the median home price in Fanwood is $453,500, with tax bills ranging significantly across the county. ZIP code 07023 has the highest median home price at $453,500.

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.

Property Tax Bills Across Fanwood, Union County, New Jersey

Source: Ownwell

$4,283

$10,029

$15,775

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