Example of Bergen County Property Tax Calculation
Calculating Bergen County Property Taxes
Bergen County, located in the state of New Jersey, calculates property taxes based on the assessed values of the properties. The assessed value is a percentage of the market value of the property and is determined by the Bergen County Assessor's Office.
To calculate property taxes for a home in Bergen County, the following steps should be followed:
Step 1: Determine the assessed value of the property
The assessed value of a property is calculated by taking a percentage of the estimated market value of the property. In Bergen County, the assessed value is currently set at 100% of market value. For example, if the market value of a home is $500,000, the assessed value would be $500,000.
Step 2: Determine the tax rate
The tax rate is determined by the local government and is expressed in mills, which is one-tenth of a cent per dollar of assessed value. For example, if the tax rate is 10 mills, the property tax would be $10 for every $1,000 of assessed value.
Step 3: Calculate the property tax
To calculate the property tax for a home in Bergen County, multiply the assessed value of the property by the tax rate. For example, if the assessed value of a home is $500,000 and the tax rate is 10 mills, the property tax would be $5,000 (500 x 10).
In Bergen County, property taxes are paid in four quarterly installments throughout the year. It's important to note that property taxes can vary depending on factors such as changes in the assessed value or changes in the tax rate.
If you want appeal your property tax assessment - contact your local tax assessor.
Bergen County Property Tax Rates
The Bergen County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.390 |
| Municipal | Varies by municipality |
| School | Varies by school district |
It is important to note that the municipal and school tax rates vary depending on the specific municipality and school district within Bergen County. It is recommended to consult with a tax professional or the local government for more information on the exact rates for each area.
Who sets property tax rates in Bergen County ?
Property Tax Rates in Bergen County
Property tax rates in Bergen County, located in the state of New Jersey, are set by various entities at different times. Here are the details:
| Entity | Role | Time |
|---|---|---|
| Bergen County Board of Taxation | Determines the equalization ratio and applies it to the assessed value of property | February |
| Municipalities within Bergen County | Set their own municipal tax rates based on the county equalization ratio | March - April |
| Bergen County Board of Chosen Freeholders | Approves the county tax rate and budget | March - April |
| Bergen County Board of Taxation | Calculates the tax rate for the county based on the assessed value and county budget | May |
It is important to note that property tax rates may vary within each municipality in Bergen County depending on specific property characteristics and exemptions. Property owners should consult with their local tax assessors for accurate information on their property tax rates.
Homestead exemptions in Bergen County ?
To assist homeowners in Bergen County, New Jersey, with property tax relief, this blog post will present a table that includes county-specific Homestead exemptions and deductions. The table will have four columns: exemption, eligibility, amount, and notes.
Homestead Exemptions and Deductions in Bergen County, New Jersey
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic | All homeowners | $10,000 | Applies to the assessed value of the property |
| Senior Citizen | 65 or older, or disabled | $250 | Applies to the assessed value of the property |
| Disabled Veteran | Honorably discharged veterans with a service-connected disability | $250 | Applies to the assessed value of the property |
| Surviving Spouse or Civil Union Partner | Surviving spouse or civil union partner of a veteran who met the eligibility requirements | $250 | Applies to the assessed value of the property |
| Blind | Blind or visually impaired individuals | $250 | Applies to the assessed value of the property |
| Veterans | Honorably discharged veterans who were residents of New Jersey on active duty | $250 | Applies to the assessed value of the property |
| Active Duty Military | Active duty military service members who own property | Full exemption | Applies to the assessed value of the property |
| Deduction for Military Service | Veterans who served in certain military operations | Up to $250 | As determined by the amount of property tax due |
It's important to note that homeowners must apply for these exemptions and deductions through the Bergen County Board of Taxation. Additional eligibility requirements and application deadlines may apply, so homeowners should consult the board's website or contact them for more information.
By taking advantage of these Homestead exemptions and deductions, homeowners in Bergen County can potentially reduce their property tax burden and save money.
When is Bergen County Property Tax due ?
In Bergen County, the property tax is typically due on the first day of the month of February.
There are several payment methods available for taxpayers to make their property tax payments:
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Online Payment: Taxpayers can pay their property taxes online using a credit card or an electronic check. The online payment option is available through the Bergen County website.
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Mail: Taxpayers can also mail their property tax payments to the Bergen County Tax Collector's office. Taxpayers should make their checks payable to the "Bergen County Tax Collector" and include their tax account number on the check.
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In Person: Taxpayers can pay their property taxes in person at the Bergen County Tax Collector's office. The office is located at the Bergen County Administration Building in Hackensack.
It's important to note that late payments can result in penalties and interest charges. Taxpayers should make sure to pay their property taxes on time to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Bergen County Property Tax penalty calculated ?
Bergen County assesses property taxes on all real estate properties located within their jurisdiction. Property owners are required to pay their tax bills promptly. Failure to pay property taxes on time will result in penalties that increase over time.
The penalty for late payment is calculated as a percentage of the unpaid taxes. The penalty rate for Bergen County is determined by New Jersey State law. The penalty rate starts at 8% for the first $1,500 of unpaid taxes and increases to 18% for unpaid taxes over $10,000.
Here is an example calculation of the penalty for late payment of property taxes for a property owner who owes $5,000 in taxes:
| Unpaid Taxes | Penalty Rate | Penalty Amount |
|---|---|---|
| $1,500 | 8% | $120 |
| $3,500 | 10% | $350 |
| Total | $470 |
This property owner would be required to pay a penalty of $470 on top of their original tax bill of $5,000.
It is important for property owners to pay their property taxes promptly to avoid these penalties. Property owners can verify the due date of their tax bill and the penalty rate applicable to their unpaid taxes by contacting the Bergen County tax collector's office.
We recommend contacting the Bergen County Tax Office or a local tax professional for the most up-to-date and accurate information.