North Wildwood, New Jersey Property Taxes
The median property tax rate in North Wildwood, NJ is 1.07%, 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 North Wildwood, the typical annual property tax bill reaches $3,741, exceeding the national median of $2,690. Property taxes in North Wildwood 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 North Wildwood'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 North Wildwood 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
North Wildwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$3,757
Ownwell’s North Wildwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Wildwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Wildwood 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 North Wildwood, New Jersey
Property taxes in North Wildwood, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Wildwood is 1.07%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within North Wildwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Wildwood 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 North Wildwood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08260 zip code has the highest median property tax rate of 1.07%, while the same 08260 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with North Wildwood 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 North Wildwood Tax Rate
1.07%
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 North Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across North Wildwood, New Jersey
In North Wildwood, 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 North Wildwood, 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. For instance, the median home price in North Wildwood is $351,104, with tax bills ranging from $2,658 at the 25th percentile to $6,611 at the 90th percentile. The zip code 08260 has both the highest and lowest median tax bill, valued at $3,741. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Wildwood, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average North Wildwood Assessed Value
$351,104
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 North Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | $124,020 | $249,466 | $351,104 | $537,135 | $601,255 |
Source: Ownwell
Property Tax Bills Across North Wildwood, New Jersey
In North Wildwood, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners in North Wildwood, Cape May County, can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the 25th percentile of tax bills is around $2,658, while the 75th percentile reaches approximately $5,621. The 90th percentile sees tax bills as high as $6,611. The median home price in North Wildwood is $351,104, and the local tax rate is pivotal in determining the final tax bill. Comparatively, the national median property tax rate is 0.99%, highlighting how regional differences can impact homeowners' expenses. Understanding these factors is crucial for homeowners as property taxes are a significant annual expense that can influence decisions about purchasing, selling, or investing in real estate within the area.
Average North Wildwood Tax Bill
$3,741
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 North Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | $1,322 | $2,658 | $3,741 | $5,621 | $6,611 |
Source: Ownwell