Gloucester City, New Jersey Property Taxes
The median property tax rate in Gloucester City, NJ is 3.99%, 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 Gloucester City at $130,909, the typical annual property tax bill reaches $5,189, exceeding the national median of $2,690. Property taxes in Gloucester City 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 Gloucester City'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 Gloucester City 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
Gloucester City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.99%
Estimate Property Tax Bill
$5,223
Ownwell’s Gloucester City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gloucester City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gloucester City 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 Gloucester City, New Jersey
Property taxes in Gloucester City, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gloucester City is 3.99%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Gloucester City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gloucester City 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 Gloucester City's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08030 zip code has both the highest and lowest median property tax rate of 3.99%. Understanding how these cities compare with Gloucester City 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 Gloucester City Tax Rate
3.99%
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 Gloucester City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08030 | 3.99% | 3.99% | 3.99% | 3.99% | 3.99% |
Source: Ownwell
Property Tax Assessment Values Across Gloucester City, New Jersey
In Gloucester City, 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 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 Gloucester City, 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. Being aware of these valuation processes in Gloucester City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08030 has both the highest and lowest median tax bill at $5,189, reflecting the uniformity in tax assessments across the area.
Property Tax Assessment Values Across Gloucester City, New Jersey
Source: Ownwell
$54,570
$257,531
$460,492
Average Gloucester City Assessed Value
$130,909
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 Gloucester City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08030 | $81,630 | $99,498 | $130,909 | $168,025 | $200,878 |
Source: Ownwell
Property Tax Bills Across Gloucester City, New Jersey
In Gloucester City, 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 $130,909. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. Factors such as property improvements, neighborhood developments, and real estate market trends can influence the assessed value. Homeowners in Gloucester City experience varying tax bills, with the 25th percentile at $3,966 and the 75th percentile at $6,660. The 90th percentile tax bill can go up to $7,961. The highest and lowest median tax bills in the area are both $5,189, indicating a consistent tax rate within the ZIP code 08030. This local tax rate is significantly higher than the national median property tax rate of 0.99%, impacting homeowners by contributing to higher annual expenses. Understanding these factors helps homeowners better anticipate their financial obligations related to property ownership.
Average Gloucester City Tax Bill
$5,189
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 Gloucester City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08030 | $3,253 | $3,966 | $5,189 | $6,660 | $7,961 |
Source: Ownwell