Mauricetown, New Jersey Property Taxes
The median property tax rate in Mauricetown, NJ is 2.87%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Mauricetown at $173,294, the typical annual property tax bill reaches $4,967, far exceeding the national median of $2,690. Property taxes in Mauricetown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mauricetown'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 Mauricetown 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
Mauricetown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.87%
Estimate Property Tax Bill
$4,974
Ownwell’s Mauricetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mauricetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mauricetown 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 Mauricetown, New Jersey
Property taxes in Mauricetown, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mauricetown is 2.87%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mauricetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mauricetown 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 Mauricetown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08329 zip code has the highest median property tax rate of 2.87%, while the 08329 zip code has the lowest median tax rate of 2.87%. Understanding how these cities compare with Mauricetown 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 Mauricetown Tax Rate
2.87%
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 Mauricetown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08329 | 2.87% | 2.87% | 2.87% | 2.87% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Mauricetown, New Jersey
In Mauricetown, 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 Mauricetown, 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. For example, the median home price in Mauricetown is $173,294, with tax bills ranging from $4,046 at the 25th percentile to $7,548 at the 90th percentile. Notably, the highest and lowest median tax bills are both $4,967, found in the zip code 08329. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mauricetown, New Jersey
Source: Ownwell
$113,856
$223,342
$332,828
Average Mauricetown Assessed Value
$173,294
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 Mauricetown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08329 | $107,460 | $141,150 | $173,294 | $216,310 | $263,342 |
Source: Ownwell
Property Tax Bills Across Mauricetown, New Jersey
In Mauricetown, Cumberland County, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to arrive at the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Additionally, any improvements or renovations can increase the assessed value, thereby raising the tax bill. For homeowners in Mauricetown, the property tax burden can be significant. For instance, the 25th percentile tax bill is $4,046, while the 75th percentile tax bill is $6,200, and the 90th percentile tax bill reaches $7,548. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher property tax burden in this region. Homeowners should be mindful of these factors as they can significantly impact their annual expenses.
Average Mauricetown Tax Bill
$4,967
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 Mauricetown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08329 | $3,080 | $4,046 | $4,967 | $6,200 | $7,548 |
Source: Ownwell