Medford, New Jersey Property Taxes
The median property tax rate in Medford, NJ is 3.25%, 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 Medford at $303,700, the typical annual property tax bill reaches $9,981, far exceeding the national median of $2,690. Property taxes in Medford 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 Medford'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 Medford 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
Medford, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.25%
Estimate Property Tax Bill
$9,870
Ownwell’s Medford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford 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 Medford, New Jersey
Property taxes in Medford, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medford is 3.25%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Medford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08055 zip code has the highest median property tax rate of 3.25%, while the same zip code also has the lowest median tax rate of 3.25%. Understanding how these cities compare with Medford 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 Medford Tax Rate
3.25%
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 Medford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08055 | 3.25% | 3.25% | 3.25% | 3.25% | 3.52% |
Source: Ownwell
Property Tax Assessment Values Across Medford, New Jersey
In Medford, 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 Assessor 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 Medford, 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 Medford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 08055, with a median tax bill of $9,981.
Average Medford Assessed Value
$303,700
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 Medford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08055 | $178,120 | $235,900 | $303,700 | $384,650 | $481,700 |
Source: Ownwell
Property Tax Bills Across Medford, New Jersey
In Medford, 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 meant to reflect a percentage of the property's market value. Once the assessed value is established, it is multiplied by the tax rate set by Burlington County to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For instance, the median home price in Medford is $303,700. Homeowners in the 25th percentile can expect a tax bill around $7,820, while those in the 75th percentile might see a bill closer to $12,587. The highest and lowest median tax bills in the area are both $9,981, indicating a consistent tax rate across different properties. For homeowners, these property taxes fund essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Medford's rates result in higher tax bills, reflecting the area's higher property values and funding needs.
Average Medford Tax Bill
$9,981
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 Medford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08055 | $5,827 | $7,820 | $9,981 | $12,587 | $15,766 |
Source: Ownwell