Pomona, New Jersey Property Taxes
The median property tax rate in Pomona, NJ is 3.21%, 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 Pomona, the typical annual property tax bill reaches $5,578, exceeding the national median of $2,690. Property taxes in Pomona 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 Pomona'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 Pomona 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
Pomona, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.21%
Estimate Property Tax Bill
$5,576
Ownwell’s Pomona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pomona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pomona 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 Pomona, New Jersey
Property taxes in Pomona, 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 Pomona is 3.21%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Pomona set these rates annually, and they can vary considerably across different neighborhoods. Each year, Pomona 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 Pomona's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08240 zip code has the highest median property tax rate of 3.21%, while the same zip code also records the lowest median tax rate of 3.21%. Understanding how these cities compare with Pomona 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 Pomona Tax Rate
3.21%
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 Pomona, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08240 | 3.21% | 3.21% | 3.21% | 3.21% | 3.21% |
Source: Ownwell
Property Tax Assessment Values Across Pomona, New Jersey
In Pomona, 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 Pomona, 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. The median home price in Pomona is $173,700, with tax bills ranging from $4,749 at the 25th percentile to $8,365 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pomona Assessed Value
$173,700
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 Pomona, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08240 | $117,980 | $147,900 | $173,700 | $178,600 | $260,520 |
Source: Ownwell
Property Tax Bills Across Pomona, New Jersey
In Pomona, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county and reflects the market value of the home. Homeowners in Pomona face a property tax rate that significantly impacts their annual expenses. For instance, the median home price in Pomona is $173,700, and property tax bills can vary widely. At the 25th percentile, tax bills are around $4,749, while at the 75th percentile, they can reach up to $5,735. For those at the 90th percentile, tax bills can soar to $8,365 annually. These figures highlight the variability in property tax bills within the city, affecting homeowners differently based on their property values. Compared to the national median property tax rate of 0.99%, Pomona's rates can be considerably higher, placing a significant financial burden on residents. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Pomona Tax Bill
$5,578
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 Pomona, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08240 | $3,788 | $4,749 | $5,578 | $5,735 | $8,365 |
Source: Ownwell