Leesburg, New Jersey Property Taxes
The median property tax rate in Leesburg, NJ is 2.64%, 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 Leesburg at $166,963, the typical annual property tax bill reaches $4,420, exceeding the national median of $2,690. Property taxes in Leesburg 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 Leesburg'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 Leesburg 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
Leesburg, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.64%
Estimate Property Tax Bill
$4,408
Ownwell’s Leesburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leesburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leesburg 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 Leesburg, New Jersey
Property taxes in Leesburg, 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 Leesburg is 2.64%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Leesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leesburg 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 Leesburg's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08327 zip code has the highest median property tax rate of 2.64%, while the same 08327 zip code also has the lowest median tax rate of 2.64%. Understanding how these cities compare with Leesburg 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 Leesburg Tax Rate
2.64%
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 Leesburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08327 | 2.64% | 2.64% | 2.64% | 2.64% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Leesburg, New Jersey
In Leesburg, 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 Leesburg, 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 Leesburg 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 both $4,420, found in the 08327 zip code.
Average Leesburg Assessed Value
$166,963
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 Leesburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08327 | $93,766 | $134,654 | $166,963 | $204,662 | $249,483 |
Source: Ownwell
Property Tax Bills Across Leesburg, New Jersey
In Leesburg, Cumberland County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Leesburg is $166,963, and property taxes in this region are known to be higher than the national median property tax rate of 0.99%. Homeowners in Leesburg can expect their tax bills to be influenced by the value of their property, which is determined by local assessors. The tax bill can vary significantly, with the 25th percentile at $3,559 and the 75th percentile reaching $5,409. Factors such as property improvements, neighborhood developments, and market trends can affect the assessed value, thereby impacting the tax bill. For homeowners, these taxes fund essential services like schools, public safety, and infrastructure. The highest median tax bill in Leesburg is $4,420, indicating a substantial financial commitment for property owners. Understanding how these elements interplay helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Leesburg Tax Bill
$4,420
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 Leesburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08327 | $2,487 | $3,559 | $4,420 | $5,409 | $6,594 |
Source: Ownwell