Gibbsboro, New Jersey Property Taxes
The median property tax rate in Gibbsboro, NJ is 3.53%, 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 Gibbsboro at $238,750, the typical annual property tax bill reaches $8,429, far exceeding the national median of $2,690. Property taxes in Gibbsboro 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 Gibbsboro'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 Gibbsboro or another part of Camden County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gibbsboro, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.53%
Estimate Property Tax Bill
$8,428
Ownwell’s Gibbsboro Property Tax Bill Calculator is designed to help homeowners, real estate investors, and potential buyers estimate their annual property taxes in Gibbsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibbsboro to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. 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 Camden County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gibbsboro, New Jersey
Property taxes in Gibbsboro, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibbsboro is 3.53%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Gibbsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibbsboro 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 Gibbsboro's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08026 zip code has the highest median property tax rate of 3.53%, while also being the lowest at 3.53%. Understanding how these areas compare with Gibbsboro 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 Gibbsboro Tax Rate
3.53%
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 Gibbsboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08026 | 3.53% | 3.53% | 3.53% | 3.53% | 3.53% |
Source: Ownwell
Property Tax Assessment Values Across Gibbsboro, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gibbsboro, New Jersey. The market value represents 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 for tax purposes by the Camden County Assessor's Office. 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 Gibbsboro, 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. The median home price in Gibbsboro is $238,750, with annual tax bills ranging from $7,666 at the 25th percentile to $14,578 at the 90th percentile. The zip code 08026 has both the highest and lowest median tax bill at $8,429. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gibbsboro Assessed Value
$238,750
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 Gibbsboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08026 | $193,703 | $217,156 | $238,750 | $278,200 | $412,932 |
Source: Ownwell
Property Tax Bills Across Gibbsboro, New Jersey
In Gibbsboro, Camden County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $238,750. Property taxes in Gibbsboro are notably higher than the national median property tax rate of 0.99%. Homeowners can expect to pay between $7,666 and $14,578, depending on the assessed value of their property and specific circumstances. The highest and lowest median tax bills in the area both stand at $8,429, indicating a consistent tax rate across different properties. Several factors influence the tax bill, including the home's assessed value, local government budgets, and school district funding needs. High property taxes can significantly impact homeowners by increasing the cost of owning a home and affecting affordability. Understanding these factors is crucial for homeowners looking to manage their expenses and plan for the future. The relatively high property taxes in Gibbsboro reflect the area's funding requirements and the value placed on community services and infrastructure.
Average Gibbsboro Tax Bill
$8,429
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 Gibbsboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08026 | $6,876 | $7,666 | $8,429 | $9,821 | $14,578 |
Source: Ownwell