Collingswood, New Jersey Property Taxes
The median property tax rate in Collingswood, NJ is 2.98%, 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 Collingswood, the typical annual property tax bill reaches $8,735, exceeding the national median of $2,690. Property taxes in Collingswood 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 Collingswood'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 Collingswood 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
Collingswood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$8,730
Ownwell’s Collingswood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collingswood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collingswood 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 Collingswood, New Jersey
Property taxes in Collingswood, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Collingswood is 2.98%, significantly higher than both the New Jersey state median of 2.21% and the U.S. national median of 0.99%. Local government entities within Collingswood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collingswood 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 Collingswood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08108 zip code has the highest median property tax rate of 2.98%, while the 08107 zip code has the lowest median tax rate of 2.98%. Understanding how these cities compare with Collingswood 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 Collingswood Tax Rate
2.98%
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 Collingswood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08107 | 2.98% | 2.98% | 2.98% | 2.98% | 2.98% |
| 08108 | 2.98% | 2.98% | 2.98% | 2.98% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Collingswood, New Jersey
In Collingswood, 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 Camden 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 Collingswood, 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, the highest median tax bill in Collingswood is $9,005 in the 08107 zip code, while the lowest median tax bill is $8,733 in the 08108 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Collingswood, New Jersey
Source: Ownwell
$54,570
$257,531
$460,492
Average Collingswood Assessed Value
$292,955
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 Collingswood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08107 | $222,495 | $260,266 | $302,322 | $332,446 | $357,474 |
| 08108 | $213,140 | $238,933 | $292,698 | $351,983 | $411,395 |
Source: Ownwell
Property Tax Bills Across Collingswood, New Jersey
In Collingswood, Camden County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by municipal assessors who evaluate the property's market value and then apply an assessment ratio. Homeowners in Collingswood face property tax bills that vary significantly, with the 25th percentile at $7,110 and the 75th percentile at $10,476, indicating a wide range of tax obligations depending on property values and specific neighborhood factors. The median home price in Collingswood is $292,955, which influences the overall tax burden. Homeowners in the highest median tax bill area, zip code 08107, pay around $9,005, while those in the lowest median tax bill area, zip code 08108, pay approximately $8,733. Comparatively, the national median property tax rate is 0.99%, making Collingswood's property taxes notably higher. These tax bills fund essential local services such as schools, police, and infrastructure, directly impacting the quality of life for residents.
Average Collingswood Tax Bill
$8,735
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 Collingswood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08107 | $6,627 | $7,752 | $9,005 | $9,902 | $10,647 |
| 08108 | $6,338 | $7,108 | $8,733 | $10,477 | $12,225 |
Source: Ownwell