Camden, New Jersey Property Taxes
The median property tax rate in Camden, NJ is 2.82%, 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 Camden at $68,789, the typical annual property tax bill reaches $1,925, which is below the national median of $2,690. Property taxes in Camden 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 Camden'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 Camden 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
Camden, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$1,940
Ownwell’s Camden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Camden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Camden 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 Camden, New Jersey
Property taxes in Camden, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Camden is 2.82%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Camden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Camden 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 Camden's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08102 zip code has the highest median property tax rate of 2.82%, while the 08104 zip code has the lowest median tax rate of 2.82%. Understanding how these areas compare with Camden 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 Camden Tax Rate
2.82%
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 Camden, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08102 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
| 08103 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
| 08104 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
| 08105 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Camden, New Jersey
In Camden, 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 local 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 Camden, 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. For instance, Camden’s highest median tax bill is $2,367 in zip code 08105, while the lowest median tax bill is $1,531 in zip code 08104. Being aware of these valuation processes in Camden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Camden Assessed Value
$68,789
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 Camden, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08102 | $31,357 | $52,018 | $64,901 | $78,634 | $109,528 |
| 08103 | $28,051 | $40,350 | $62,348 | $82,887 | $109,382 |
| 08104 | $27,710 | $39,864 | $54,570 | $73,530 | $90,180 |
| 08105 | $49,101 | $67,817 | $84,346 | $101,118 | $120,321 |
Source: Ownwell
Property Tax Bills Across Camden, New Jersey
In Camden, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Camden's property tax rate is considerably higher than the national median rate of 0.99%, reflecting the local government's revenue needs. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations. Homeowners in Camden can expect a wide range in their property tax bills. For instance, the median home price is $68,789, with tax bills ranging from $1,319 at the 25th percentile to $2,485 at the 75th percentile. The highest median tax bill within Camden is $2,367 in the 08105 zip code, while the lowest is $1,531 in the 08104 zip code. High property taxes can significantly impact homeowners, affecting affordability and the overall cost of homeownership. Understanding how these taxes are calculated helps homeowners better manage their finances and plan for future expenses.
Average Camden Tax Bill
$1,925
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 Camden, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08102 | $877 | $1,448 | $1,824 | $2,199 | $3,061 |
| 08103 | $777 | $1,123 | $1,743 | $2,322 | $3,079 |
| 08104 | $761 | $1,113 | $1,531 | $2,065 | $2,528 |
| 08105 | $1,370 | $1,897 | $2,367 | $2,843 | $3,373 |
Source: Ownwell