Mount Holly, New Jersey Property Taxes
The median property tax rate in Mount Holly, NJ is 3.24%, 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 Mount Holly at $208,100, the typical annual property tax bill reaches $6,614, exceeding the national median of $2,690. Property taxes in Mount Holly 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 Mount Holly'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 Mount Holly 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
Mount Holly, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.24%
Estimate Property Tax Bill
$6,742
Ownwell’s Mount Holly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Holly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Holly 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 Mount Holly, New Jersey
Property taxes in Mount Holly, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Holly is 3.24%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mount Holly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Holly 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 Mount Holly's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08060 zip code has the highest median property tax rate of 3.24%, while the same 08060 zip code also has the lowest median tax rate of 3.24%. Understanding how these areas compare with Mount Holly 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 Mount Holly Tax Rate
3.24%
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 Mount Holly, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08060 | 2.57% | 3.18% | 3.24% | 3.24% | 3.24% |
Source: Ownwell
Property Tax Assessment Values Across Mount Holly, New Jersey
In Mount Holly, 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. Assessment notices in Mount Holly 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 Mount Holly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08060 has the median tax bill of $6,614, reflecting the local property tax landscape.
Property Tax Assessment Values Across Mount Holly, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Average Mount Holly Assessed Value
$208,100
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 Mount Holly, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08060 | $119,300 | $160,300 | $208,100 | $252,200 | $301,780 |
Source: Ownwell
Property Tax Bills Across Mount Holly, New Jersey
In Mount Holly, NJ, property tax bills are calculated based on the assessed value of a home. The local government determines this assessed value, which ideally reflects the market value of the property. Homeowners in Mount Holly face property tax bills that can significantly impact their finances. The median home price in the area is $208,100, and property tax bills vary widely. For instance, the tax bill at the 25th percentile is $5,143, while at the 75th percentile, it rises to $7,741. At the 90th percentile, homeowners might see tax bills as high as $9,285. These figures are considerably higher than the national median property tax rate of 0.99%, reflecting New Jersey's overall higher property tax rates. The highest and lowest median tax bills in Mount Holly are both $6,614, indicating uniformity within the specific zip code 08060. These taxes fund essential public services, but they also place a substantial financial burden on homeowners, making it crucial to understand how these bills are calculated and managed.
Average Mount Holly Tax Bill
$6,614
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 Mount Holly, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08060 | $3,811 | $5,143 | $6,614 | $7,741 | $9,285 |
Source: Ownwell