Dividing Creek, New Jersey Property Taxes
The median property tax rate in Dividing Creek, NJ is 2.81%, 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 Dividing Creek at $135,477, the typical annual property tax bill reaches $3,804, exceeding the national median of $2,690. Property taxes in Dividing Creek are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dividing Creek'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 Dividing Creek 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
Dividing Creek, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.81%
Estimate Property Tax Bill
$3,807
Ownwell’s Dividing Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dividing Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dividing Creek 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 Dividing Creek, New Jersey
Property taxes in Dividing Creek, 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 Dividing Creek is 2.81%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Dividing Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dividing Creek 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 Dividing Creek's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08315 zip code has the highest median property tax rate of 2.81%, while the same zip code also has the lowest median tax rate of 2.81%. Understanding how these areas compare with Dividing Creek 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 Dividing Creek Tax Rate
2.81%
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 Dividing Creek, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08315 | 2.81% | 2.81% | 2.81% | 2.81% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Dividing Creek, New Jersey
In Dividing Creek, 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 Dividing Creek, 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 Dividing Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Dividing Creek both stand at $3,804, specifically in the 08315 zip code.
Property Tax Assessment Values Across Dividing Creek, New Jersey
Source: Ownwell
$113,856
$223,342
$332,828
Average Dividing Creek Assessed Value
$135,477
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 Dividing Creek, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08315 | $66,369 | $103,083 | $135,477 | $163,400 | $208,430 |
Source: Ownwell
Property Tax Bills Across Dividing Creek, New Jersey
In Dividing Creek, Cumberland County, NJ, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Dividing Creek, the median home price is $135,477. The property tax rate in Cumberland County is higher than the national median property tax rate of 0.99%. Homeowners in Dividing Creek can expect a median tax bill of $3,804, which is significantly higher than the national average. For those in the 25th percentile, tax bills are around $2,894, while those in the 75th percentile face bills up to $4,587. Homeowners must budget accordingly to manage these expenses, which can impact the overall cost of owning a home in this region.
Average Dividing Creek Tax Bill
$3,804
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 Dividing Creek, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08315 | $1,863 | $2,894 | $3,804 | $4,587 | $5,852 |
Source: Ownwell