Crosswicks, New Jersey Property Taxes
The median property tax rate in Crosswicks, NJ is 3.14%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $326,250 in Crosswicks, the typical annual property tax bill reaches $10,248, far exceeding the national median of $2,690. Property taxes in Crosswicks are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Crosswicks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Crosswicks or another part of Burlington County, a deep understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crosswicks, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$10,244
Ownwell’s Crosswicks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crosswicks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crosswicks 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 Crosswicks, New Jersey
Property taxes in Crosswicks, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crosswicks is 3.14%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Crosswicks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crosswicks 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 Crosswicks' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08515 zip code has the highest median property tax rate of 3.14%, while the same zip code also has the lowest median tax rate of 3.14%. Understanding how these cities compare with Crosswicks 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 Crosswicks Tax Rate
3.14%
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 Crosswicks, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08515 | 3.14% | 3.14% | 3.14% | 3.14% | 3.14% |
Source: Ownwell
Property Tax Assessment Values Across Crosswicks, New Jersey
In Crosswicks, 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 Crosswicks, 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. For example, the median home price in Crosswicks is $326,250, with tax bills ranging from $8,500 at the 25th percentile to $13,540 at the 90th percentile. The zip code with the highest and lowest median tax bill is 08515, both at $10,248. 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 Crosswicks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crosswicks Assessed Value
$326,250
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 Crosswicks, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08515 | $89,210 | $270,600 | $326,250 | $342,450 | $431,070 |
Source: Ownwell
Property Tax Bills Across Crosswicks, New Jersey
In Crosswicks, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is influenced by factors such as property size, location, and condition. Burlington County, where Crosswicks is located, has a median home price of $326,250. Homeowners in this area can expect property tax bills to vary significantly; the 25th percentile tax bill is around $8,500, while the 75th percentile reaches $10,756, and the 90th percentile can go up to $13,540. These tax bills are substantially higher than the national median property tax rate of 0.99%. For homeowners, this means a considerable portion of their annual budget is allocated to property taxes, impacting their overall financial planning and affordability of homeownership. The high property taxes in Crosswicks reflect the local government's funding needs for public services and infrastructure, which are essential for maintaining the community's quality of life.
Average Crosswicks Tax Bill
$10,248
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 Crosswicks, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08515 | $2,802 | $8,500 | $10,248 | $10,756 | $13,540 |
Source: Ownwell