Cape May Court House, New Jersey Property Taxes
The median property tax rate in Cape May Court House, NJ is 1.69%, considerably higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Cape May Court House at $293,034, the typical annual property tax bill reaches $4,831, exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cape May Court House'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 Cape May Court House 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
Cape May Court House, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$4,952
Ownwell’s Cape May Court House Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape May Court House with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape May Court House 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 Cape May Court House, New Jersey
Property taxes in Cape May Court House, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape May Court House is 1.69%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Cape May Court House set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape May Court House 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 Cape May Court House's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08210 zip code has the highest median property tax rate of 1.69%, while the same zip code also has the lowest median tax rate of 1.69%. Understanding how these rates compare with Cape May Court House provides valuable insights into the varying tax landscape across Cape May County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cape May Court House Tax Rate
1.69%
Average Cape May County Tax Rate
1.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cape May Court House, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08210 | 1.48% | 1.69% | 1.69% | 1.69% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Cape May Court House, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cape May Court House, 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 local appraisal authority 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 Cape May Court House, 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 Cape May Court House helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the 08210 zip code has both the highest and lowest median tax bill, standing at $4,831.
Property Tax Assessment Values Across Cape May Court House, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Cape May Court House Assessed Value
$293,034
Average Cape May County Assessed Value
$477,646
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cape May Court House, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08210 | $113,795 | $225,201 | $293,034 | $378,900 | $470,266 |
Source: Ownwell
Property Tax Bills Across Cape May Court House, New Jersey
In Cape May Court House, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and aims to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $293,034, homeowners can expect to pay varying amounts in property taxes depending on specific assessments and local rates. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Cape May Court House face tax bills ranging from $3,707 at the 25th percentile to $7,830 at the 90th percentile, significantly higher than the national median property tax rate of 0.99%. These taxes fund essential public services like schools, infrastructure, and emergency services, impacting the overall cost of homeownership and community quality.
Average Cape May Court House Tax Bill
$4,831
Average Cape May County Tax Bill
$5,051
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Cape May Court House, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08210 | $1,941 | $3,707 | $4,831 | $6,311 | $7,830 |
Source: Ownwell