Atlantic City, New Jersey Property Taxes
The median property tax rate in Atlantic City, NJ is 3.78%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Atlantic City, the typical annual property tax bill reaches $3,966, far exceeding the national median of $2,690. Property taxes in Atlantic City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Atlantic City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Atlantic City or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Atlantic City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.78%
Estimate Property Tax Bill
$3,954
Ownwell’s Atlantic City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atlantic City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atlantic City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Atlantic City, New Jersey
Property taxes in Atlantic City, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atlantic City is 3.78%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Atlantic City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atlantic City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Atlantic City's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08401 zip code has the highest median property tax rate of 3.78%, while the same zip code also has the lowest median tax rate of 3.78%. Understanding how these values compare with Atlantic City provides valuable insights into the varying tax landscape across Atlantic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atlantic City Tax Rate
3.78%
Average Atlantic County Tax Rate
3.23%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atlantic City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08401 | 3.78% | 3.78% | 3.78% | 3.78% | 3.78% |
Source: Ownwell
Property Tax Assessment Values Across Atlantic City, New Jersey
In Atlantic City, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Atlantic City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $3,966 in the 08401 zip code, with tax bills ranging from $2,500 at the 25th percentile to $8,117 at the 90th percentile.
Property Tax Assessment Values Across Atlantic City, New Jersey
Source: Ownwell
$93,600
$351,800
$610,000
Average Atlantic City Assessed Value
$104,600
Average Atlantic County Assessed Value
$186,700
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atlantic City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08401 | $44,000 | $65,800 | $104,600 | $149,400 | $217,680 |
Source: Ownwell
Property Tax Bills Across Atlantic City, New Jersey
In Atlantic City, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $104,600, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as property location, home improvements, and market conditions can influence the assessed value. Tax bills in Atlantic City show significant variation, with the 25th percentile at $2,500 and the 75th percentile reaching $5,643. At the higher end, the 90th percentile tax bill can be as much as $8,117. The highest median tax bill in the city is $3,966, which is consistent across different zip codes. Homeowners in Atlantic City face tax rates that can be higher than the national median property tax rate of 0.99%, affecting their overall financial planning and homeownership costs. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Atlantic City Tax Bill
$3,966
Average Atlantic County Tax Bill
$5,716
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Atlantic City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08401 | $1,730 | $2,500 | $3,966 | $5,643 | $8,117 |
Source: Ownwell