Hammonton, New Jersey Property Taxes
The median property tax rate in Hammonton, NJ is 2.72%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Hammonton, the typical annual property tax bill reaches $5,343, exceeding the national median of $2,690. Property taxes in Hammonton 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 Hammonton'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 Hammonton 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
Hammonton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$5,233
Ownwell’s Hammonton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hammonton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hammonton 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 Hammonton, New Jersey
Property taxes in Hammonton, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammonton is 2.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hammonton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hammonton 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 Hammonton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08037 zip code has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with Hammonton 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 Hammonton Tax Rate
2.72%
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 Hammonton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08037 | 2.72% | 2.72% | 2.72% | 2.72% | 3.41% |
Source: Ownwell
Property Tax Assessment Values Across Hammonton, New Jersey
In Hammonton, 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 Atlantic County 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. In Hammonton, 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 Hammonton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08037 in Hammonton has both the highest and lowest median tax bill, recorded at $5,343.
Average Hammonton Assessed Value
$192,400
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 Hammonton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08037 | $112,690 | $149,100 | $192,400 | $256,300 | $332,210 |
Source: Ownwell
Property Tax Bills Across Hammonton, New Jersey
In Hammonton, Atlantic County, NJ, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Hammonton is $192,400, and the property tax rate in this region is notably higher than the national median property tax rate of 0.99%. The tax bill for a home in the 25th percentile is approximately $4,163, while those in the 75th percentile can expect to pay around $7,235. Homeowners in the 90th percentile face tax bills nearing $9,398. These tax bills are influenced by various factors, including the property's assessed value, local government budgets, and specific county tax rates. Higher tax rates can significantly impact homeowners, potentially increasing the cost of homeownership and affecting their financial planning. Hammonton’s property taxes reflect the broader trend in New Jersey, where property taxes tend to be higher than the national average, making it essential for homeowners to understand their tax obligations fully.
Average Hammonton Tax Bill
$5,343
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 Hammonton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08037 | $3,261 | $4,163 | $5,343 | $7,235 | $9,398 |
Source: Ownwell