Bridgeton, New Jersey Property Taxes
The median property tax rate in Bridgeton, NJ is 2.82%, 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 Bridgeton at $146,538, the typical annual property tax bill reaches $4,455, exceeding the national median of $2,690. Property taxes in Bridgeton 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 Bridgeton'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 Bridgeton or another part of Cumberland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bridgeton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$4,132
Ownwell’s Bridgeton Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bridgeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgeton to provide an estimate of 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 Bridgeton, New Jersey
Property taxes in Bridgeton, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgeton is 2.82%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Bridgeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgeton 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 Bridgeton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08302 zip code has the highest median property tax rate of 2.82%, while the same zip code also has the lowest median tax rate of 2.82%. Understanding how these cities compare with Bridgeton provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bridgeton Tax Rate
2.82%
Average Cumberland County Tax Rate
2.69%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgeton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | 2.63% | 2.69% | 2.82% | 4.07% | 4.07% |
Source: Ownwell
Property Tax Assessment Values Across Bridgeton, New Jersey
In Bridgeton, 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 Cumberland 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 Bridgeton, 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 Bridgeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both recorded at $4,455 in the 08302 zip code, highlighting the uniformity in tax burdens across the area.
Average Bridgeton Assessed Value
$146,538
Average Cumberland County Assessed Value
$168,564
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bridgeton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | $54,988 | $87,780 | $146,538 | $202,164 | $271,238 |
Source: Ownwell
Property Tax Bills Across Bridgeton, New Jersey
In Bridgeton, Cumberland County, NJ, 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 is meant to represent the market value of the property. Once the assessed value is established, it is multiplied by the tax rate to determine the annual tax bill. For example, with a median home price of $146,538, homeowners in Bridgeton can expect varying tax bills. At the 25th percentile, the tax bill is approximately $3,129, while at the 75th percentile, it rises to about $5,877. For those at the 90th percentile, the bill can be as high as $7,636. These figures indicate that property taxes can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly. The local tax environment in Bridgeton underscores the importance of accurate property assessments and the role they play in determining tax liabilities.
Average Bridgeton Tax Bill
$4,455
Average Cumberland County Tax Bill
$4,561
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgeton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | $2,184 | $3,129 | $4,455 | $5,877 | $7,636 |
Source: Ownwell