Mizpah, New Jersey Property Taxes
The median property tax rate in Mizpah, NJ is 3.23%, 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 Mizpah at $93,600, the typical annual property tax bill reaches $3,020, exceeding the national median of $2,690. Property taxes in Mizpah 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 Mizpah'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 Mizpah 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
Mizpah, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.23%
Estimate Property Tax Bill
$3,023
Ownwell’s Mizpah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mizpah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mizpah 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 Mizpah, New Jersey
Property taxes in Mizpah, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mizpah is 3.23%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mizpah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mizpah 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 Mizpah's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08342 zip code has the highest median property tax rate of 3.23%, while the same zip code also has the lowest median tax rate of 3.23%. Understanding how these cities compare with Mizpah 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 Mizpah Tax Rate
3.23%
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 Mizpah, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08342 | 3.23% | 3.23% | 3.23% | 3.23% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Mizpah, New Jersey
In Mizpah, 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 Mizpah, 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 Mizpah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill of $3,020 is found in the 08342 zip code, which also has the lowest median tax bill at $3,020.
Average Mizpah Assessed Value
$93,600
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 Mizpah, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08342 | $43,170 | $64,725 | $93,600 | $124,450 | $149,560 |
Source: Ownwell
Property Tax Bills Across Mizpah, New Jersey
In Mizpah, Atlantic County, 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 arrive at the annual tax bill. For example, with a median home price of $93,600, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. In Mizpah, the 25th percentile tax bill is $2,088, while the 75th percentile tax bill reaches $4,015. At the 90th percentile, homeowners may face a tax bill of up to $4,825. These figures highlight the range of potential tax obligations, which can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, Mizpah's property tax rates reflect the local economic and regulatory environment, affecting how much homeowners ultimately pay each year.
Average Mizpah Tax Bill
$3,020
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 Mizpah, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08342 | $1,393 | $2,088 | $3,020 | $4,015 | $4,825 |
Source: Ownwell