Port Elizabeth, New Jersey Property Taxes
The median property tax rate in Port Elizabeth, NJ is 2.61%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $182,909 in Port Elizabeth, the typical annual property tax bill reaches $4,773, far exceeding the national median of $2,690. Property taxes in Port Elizabeth 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 Port Elizabeth'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 Port Elizabeth 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
Port Elizabeth, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.61%
Estimate Property Tax Bill
$4,774
Ownwell’s Port Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Elizabeth 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 Port Elizabeth, New Jersey
Property taxes in Port Elizabeth, NJ, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Elizabeth is 2.61%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Port Elizabeth set these rates annually, and they can vary across different neighborhoods. Each year, Port Elizabeth 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 Port Elizabeth's effective property tax rate to other areas in Cumberland County and the national median. For comparison, the zip code 08348 in Cumberland County has the highest median property tax rate of 2.61%, while the lowest median tax rate is also 2.61%. Understanding how these areas compare with Port Elizabeth 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 Port Elizabeth Tax Rate
2.61%
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 Port Elizabeth, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08348 | 2.61% | 2.61% | 2.61% | 2.61% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Port Elizabeth, New Jersey
In Port Elizabeth, 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. Assessment notices in Port Elizabeth 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 Port Elizabeth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 08348 has the highest and lowest median tax bill at $4,773.
Property Tax Assessment Values Across Port Elizabeth, New Jersey
Source: Ownwell
$113,856
$223,342
$332,828
Average Port Elizabeth Assessed Value
$182,909
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 Port Elizabeth, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08348 | $93,899 | $134,015 | $182,909 | $236,470 | $295,588 |
Source: Ownwell
Property Tax Bills Across Port Elizabeth, New Jersey
In Port Elizabeth, Cumberland County, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local authorities. Factors such as property size, location, and market conditions influence this assessment. Homeowners in Port Elizabeth face varying tax bills depending on their property's assessed value. For instance, the median home price is $182,909, resulting in tax bills that range significantly. At the 25th percentile, the tax bill is approximately $3,497, while at the 75th percentile, it rises to $6,171. The highest tax bills, at the 90th percentile, can reach up to $7,714. Compared to the national median property tax rate of 0.99%, homeowners in Port Elizabeth experience a notable difference, reflecting the local economic conditions and public service funding requirements. This variability in property tax bills impacts homeowners' financial planning and emphasizes the importance of understanding local tax regulations.
Average Port Elizabeth Tax Bill
$4,773
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 Port Elizabeth, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08348 | $2,450 | $3,497 | $4,773 | $6,171 | $7,714 |
Source: Ownwell