Bordentown, New Jersey Property Taxes
The median property tax rate in Bordentown, NJ is 3.40%, 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 Bordentown, the typical annual property tax bill reaches $7,213, exceeding the national median of $2,690. Property taxes in Bordentown 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 Bordentown'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 Bordentown 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
Bordentown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.4%
Estimate Property Tax Bill
$7,623
Ownwell’s Bordentown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bordentown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bordentown 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 Bordentown, New Jersey
Property taxes in Bordentown, 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 Bordentown is 3.40%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Bordentown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bordentown 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 Bordentown's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08505 has the highest median property tax rate of 3.40%, while the lowest median tax rate is also found in the same zip code at 3.40%. Understanding how these cities compare with Bordentown provides valuable insights into the varying tax landscape across Burlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bordentown Tax Rate
3.40%
Average Burlington County Tax Rate
3.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bordentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08505 | 2.61% | 3.30% | 3.40% | 3.41% | 3.45% |
Source: Ownwell
Property Tax Assessment Values Across Bordentown, New Jersey
In Bordentown, 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 Burlington 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 Bordentown, 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. Bordentown's median home price stands at $224,200, with the 25th percentile tax bill at $5,925 and the 75th percentile tax bill at $9,397. The highest and lowest median tax bills are both recorded at $7,213 in the 08505 zip code. 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 Bordentown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bordentown Assessed Value
$224,200
Average Burlington County Assessed Value
$210,600
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bordentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08505 | $158,500 | $181,900 | $224,200 | $290,000 | $364,000 |
Source: Ownwell
Property Tax Bills Across Bordentown, New Jersey
In Bordentown, located in Burlington County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and is intended to reflect the market value of the property. Homeowners in Bordentown face a median property tax rate that significantly exceeds the national median of 0.99%, resulting in higher tax bills. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For example, the median home price in Bordentown is $224,200, which can lead to substantial property tax bills. The 25th percentile tax bill is $5,925, while the 75th percentile reaches $9,397, and the 90th percentile can be as high as $11,446. These property tax obligations can have a significant impact on homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Bordentown Tax Bill
$7,213
Average Burlington County Tax Bill
$6,846
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bordentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08505 | $5,261 | $5,925 | $7,213 | $9,397 | $11,446 |
Source: Ownwell