Property Taxes In Bloomfield (See Latest 5-Year Breakdown)

BLOOMFIELD, NJ — The average homeowner’s property tax in Bloomfield increased 2.01 percent last year, the latest state data shows.

The New Jersey Department of Community Affairs recently released the 2023 tax tables for each municipality in the state.

In 2023, the average Bloomfield homeowner paid $11,561 in property taxes on a home valued at $353,851. Here are the previous four years for comparison:

• 2022 – $11,333 in taxes on a home valued at $353,993
• 2021 – $11,064 in taxes on a home valued at $352,041
• 2020 – $10,888 in taxes on a home valued at $351,900
• 2019 – $10,798 in taxes on a home valued at $271,244

Property taxes in New Jersey are mainly made up of three parts: school, municipal and county. Here’s how that played out in Bloomfield for 2023, according to state data:

• School – 48.6%
• Municipal – 37.9%
• County – 15.4%

In total, the average Essex County property owner paid $13,448 in taxes on a home valued at $428,538 last year – the highest in New Jersey.

Want to see how much each town and city in Essex County paid last year? Check out the full list here: Essex County Homeowners Pay Highest Property Taxes In NJ

Some experts have pointed out that a high tax bill doesn't necessarily mean a homeowner is getting ripped off – it depends on what you get for the money.

“While no taxpayers in high-tax jurisdictions will be celebrating their yearly payments, it's worth noting that property taxes are largely rooted in the ‘benefit principle’ of government finance – the people paying the bills are most often the ones benefiting from the services,” researchers from The Tax Foundation recently wrote.

It’s easy to make comparisons between municipalities based on their average tax bills. But if you take a look at a town’s “effective tax rate” – the amount of property tax paid relative to a home’s value – a much different story emerges.

Many of the wealthier towns in Essex County often pay a significantly lower effective tax rate, a trend that some local pundits have called attention to in the past. Read More: Tax Gap In Essex County; Many Wealthier Towns Pay Lower Rates

Taxes and home values have gone up steadily throughout New Jersey over the past decade, regardless of what political party is in the governor's seat.

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