Barrington, New Jersey Property Taxes
The median property tax rate in Barrington, NJ is 3.54%, 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 Barrington at $220,976, the typical annual property tax bill reaches $7,799, well above the national median of $2,690. Property taxes in Barrington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Barrington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Barrington or another part of Camden County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Barrington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.54%
Estimate Property Tax Bill
$7,823
Ownwell’s Barrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barrington 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 Barrington, New Jersey
Property taxes in Barrington, New Jersey, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Barrington stands at 3.54%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Barrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barrington 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 Barrington's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08007 zip code has the highest median property tax rate of 3.54%, while the same zip code also has the lowest median tax rate of 3.54%. Understanding how these values compare with Barrington provides valuable insights into the varying tax landscape across Camden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barrington Tax Rate
3.54%
Average Camden County Tax Rate
3.17%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barrington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08007 | 3.54% | 3.54% | 3.54% | 3.54% | 3.54% |
Source: Ownwell
Property Tax Assessment Values Across Barrington, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Barrington, NJ. 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 Camden 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 Barrington 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 Barrington is $220,976, with tax bills ranging from $6,997 at the 25th percentile to $9,932 at the 90th percentile. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Barrington Assessed Value
$220,976
Average Camden County Assessed Value
$216,803
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barrington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08007 | $183,407 | $197,952 | $220,976 | $246,282 | $281,607 |
Source: Ownwell
Property Tax Bills Across Barrington, New Jersey
Property tax bills in Barrington, Camden County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and is meant to represent the market value of the property. The local tax rate is applied to this assessed value to calculate the tax bill. In Barrington, the median home price stands at $220,976, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $6,997, while at the 75th percentile, it is $8,696. At the 90th percentile, homeowners can expect to pay around $9,932. These figures highlight the substantial impact property taxes have on homeowners in the area, especially when compared to the national median property tax rate of 0.99%. Homeowners in Barrington should be aware of these factors as they can significantly influence household budgets. Understanding how property taxes are calculated and the range of possible tax bills can help residents plan their finances more effectively.
Average Barrington Tax Bill
$7,799
Average Camden County Tax Bill
$7,089
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Barrington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08007 | $6,492 | $6,997 | $7,799 | $8,696 | $9,932 |
Source: Ownwell