Millville, New Jersey Property Taxes
The median property tax rate in Millville, NJ is 2.86%, 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 Millville, the typical annual property tax bill reaches $4,316, exceeding the national median of $2,690. Property taxes in Millville 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 Millville'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 Millville 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
Millville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.86%
Estimate Property Tax Bill
$4,363
Ownwell’s Millville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millville 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 Millville, New Jersey
Property taxes in Millville, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millville is 2.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within Millville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millville 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 Millville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08332 zip code has the highest median property tax rate of 2.86%, while the same zip code also has the lowest median tax rate of 2.86%. Understanding how these cities compare with Millville 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 Millville Tax Rate
2.86%
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 Millville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08332 | 2.70% | 2.86% | 2.86% | 2.86% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Millville, New Jersey
In Millville, 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 Board of Taxation 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 Millville, 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 Millville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Millville stands at $152,568, with tax bills ranging from $3,098 at the 25th percentile to $7,745 at the 90th percentile. Notably, the zip code 08332 has both the highest and lowest median tax bill, valued at $4,316.
Average Millville Assessed Value
$152,568
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 Millville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08332 | $73,871 | $108,901 | $152,568 | $208,419 | $274,268 |
Source: Ownwell
Property Tax Bills Across Millville, New Jersey
In Millville, NJ, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is established by the local assessor's office. Factors such as the property's location, size, and condition are considered during the assessment. For homeowners in Millville, the median home price is $152,568. Property tax bills can vary significantly, with the 25th percentile at $3,098 and the 75th percentile at $5,918. The 90th percentile reaches up to $7,745. These figures highlight the variability in tax bills depending on property values and specific assessments. Compared to the national median property tax rate of 0.99%, Millville's tax rates can be relatively high, impacting homeowners' annual expenses. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Millville Tax Bill
$4,316
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 Millville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08332 | $2,113 | $3,098 | $4,316 | $5,918 | $7,745 |
Source: Ownwell