Dennis Twp, New Jersey Property Taxes
The median property tax rate in Dennis Township, NJ is 1.52%, considerably higher than the national median of 0.99% but lower than the New Jersey state median of 2.82%. With a median home value of $252,521 in Dennis Township, the typical annual property tax bill reaches $3,831, surpassing the national median of $2,690. Property taxes in Dennis Township 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 Dennis Township'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 Dennis Township 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
Dennis Twp, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$3,838
Ownwell’s Dennis Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dennis Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dennis Twp 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 Dennis Twp, New Jersey
Property taxes in Dennis Township, 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 Dennis Township is 1.52%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Dennis Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dennis Township 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 Dennis Township's effective property tax rate to other regions in New Jersey and the national median. For comparison, the zip code 08270 has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these areas compare with Dennis Township 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 Dennis Twp Tax Rate
1.52%
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 Dennis Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08270 | 1.49% | 1.52% | 1.52% | 1.52% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Dennis Twp, New Jersey
In Dennis Township, 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 county assessor 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 Dennis Township, 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 Dennis Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are $3,831, both found in the 08270 zip code.
Property Tax Assessment Values Across Dennis Twp, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Dennis Twp Assessed Value
$252,521
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 Dennis Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08270 | $220,400 | $248,436 | $252,521 | $272,565 | $397,268 |
Source: Ownwell
Property Tax Bills Across Dennis Twp, New Jersey
In Dennis Township, Cape May County, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. Homeowners in this area experience a median property tax rate higher than the national median of 0.99%. With a median home price of $252,521, the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is around $3,769, while at the 75th percentile, it rises to approximately $4,024. At the 90th percentile, homeowners may see tax bills as high as $5,983. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in the 08270 zip code face a median tax bill of $3,831, which is consistent across the board. Understanding these factors is crucial for homeowners to manage their financial planning effectively and anticipate potential changes in their property tax obligations.
Average Dennis Twp Tax Bill
$3,831
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 Dennis Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08270 | $3,406 | $3,769 | $3,831 | $4,024 | $5,983 |
Source: Ownwell