Cape May Point, New Jersey Property Taxes
The median property tax rate in Cape May Point, NJ is 0.49%, considerably lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Cape May Point, the typical annual property tax bill reaches $5,026, exceeding the national median of $2,690. Property taxes in Cape May Point 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 Cape May Point'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 Point 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 Point, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$4,978
Ownwell’s Cape May Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape May Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape May Point 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 Point, New Jersey
Property taxes in Cape May Point, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape May Point is 0.49%, significantly lower than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Cape May Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape May Point 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 Point's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08212 zip code has the highest median property tax rate of 0.49%, while the same 08212 zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Cape May Point 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 Point Tax Rate
0.49%
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 Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08212 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Cape May Point, New Jersey
In Cape May Point, 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 Cape May 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 Cape May Point, 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 Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08212 has both the highest and lowest median tax bill at $5026.
Property Tax Assessment Values Across Cape May Point, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Cape May Point Assessed Value
$1,015,906
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 Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08212 | $755,169 | $874,963 | $1,015,906 | $1,174,264 | $1,530,074 |
Source: Ownwell
Property Tax Bills Across Cape May Point, New Jersey
Property tax bills in Cape May Point, NJ, are calculated based on the assessed value of a property and the tax rate set by local authorities. The assessed value is determined by the local tax assessor and is meant to reflect the property's market value. For instance, with a median home price of $1,015,906, property owners in Cape May Point can expect to pay a significant amount in property taxes. The tax rate is applied to the assessed value to calculate the tax bill, which can vary widely. Homeowners in Cape May Point typically see tax bills ranging from $4,323 at the 25th percentile to $5,809 at the 75th percentile, with the highest 90th percentile reaching $7,590. This is considerably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services, including schools, public safety, and infrastructure. Consequently, higher property values and tax rates can lead to substantial tax bills, impacting homeowners’ annual budgets.
Average Cape May Point Tax Bill
$5,026
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 Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08212 | $3,734 | $4,323 | $5,026 | $5,809 | $7,590 |
Source: Ownwell