West Collingswood, New Jersey Property Taxes
The median property tax rate in West 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 West Collingswood at $211,215, the typical annual property tax bill reaches $6,291, exceeding the national median of $2,690. Property taxes in West 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 West 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 West 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
West Collingswood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$6,294
Ownwell’s WEST COLLINGSWOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WEST COLLINGSWOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WEST 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 West Collingswood, New Jersey
Property taxes in West Collingswood, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in West Collingswood stands at 2.98%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within West Collingswood set these rates annually, and they can vary considerably across different neighborhoods. Each year, West 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 West Collingswood's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08107 has the highest median property tax rate of 2.98%, while the lowest median tax rate is also 2.98%. Understanding how these areas compare with West 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 West 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 West 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% |
Source: Ownwell
Property Tax Assessment Values Across West Collingswood, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in West Collingswood, 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. In West 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. The median home price in West Collingswood is $211,215, with tax bills ranging from $2,905 at the 25th percentile to $8,622 at the 90th percentile. The highest and lowest median tax bills are both $6,291 in zip code 08107. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across West Collingswood, New Jersey
Source: Ownwell
$54,570
$257,531
$460,492
Average West Collingswood Assessed Value
$211,215
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 West Collingswood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08107 | $79,559 | $97,523 | $211,215 | $251,861 | $289,490 |
Source: Ownwell
Property Tax Bills Across West Collingswood, New Jersey
Property tax bills in West Collingswood, Camden County, NJ, are determined based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in West Collingswood, the median home price is $211,215, with property tax bills ranging significantly. The 25th percentile tax bill is around $2,905, while the 75th percentile reaches $7,502, and the 90th percentile can be as high as $8,622. Comparatively, the national median property tax rate is 0.99%, making Camden County's property taxes notably higher. High property taxes can impact homeowners by increasing the cost of owning a home, potentially affecting affordability. However, these taxes also contribute to local services and infrastructure, enhancing community living standards. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average West Collingswood Tax Bill
$6,291
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 West Collingswood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08107 | $2,370 | $2,905 | $6,291 | $7,502 | $8,622 |
Source: Ownwell