Port Norris, New Jersey Property Taxes
The median property tax rate in Port Norris, NJ is 2.78%, 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 Port Norris, the typical annual property tax bill reaches $3,493, exceeding the national median of $2,690. Property taxes in Port Norris 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 Port Norris'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 Norris 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
Port Norris, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$3,468
Ownwell’s Port Norris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Norris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Norris 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 Cumberland County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Port Norris, New Jersey
Property taxes in Port Norris, New Jersey, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Norris is 2.78%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Port Norris set these rates annually, and they can vary across different neighborhoods. Each year, Port Norris 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 Norris's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08349 has the highest median property tax rate of 2.78%, while the same zip code also has the lowest median tax rate of 2.78%. Understanding how these areas compare with Port Norris 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 Norris Tax Rate
2.78%
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 Norris, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08349 | 2.78% | 2.78% | 2.78% | 2.81% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Port Norris, New Jersey
In Port Norris, 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 Port Norris, 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 Port Norris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $124,748, with tax bills ranging from $2,696 at the 25th percentile to $5,491 at the 90th percentile. The highest and lowest median tax bills are both $3,493 in the zip code 08349.
Property Tax Assessment Values Across Port Norris, New Jersey
Source: Ownwell
$113,856
$223,342
$332,828
Average Port Norris Assessed Value
$124,748
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 Norris, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08349 | $67,298 | $96,280 | $124,748 | $155,960 | $194,663 |
Source: Ownwell
Property Tax Bills Across Port Norris, New Jersey
In Port Norris, Cumberland County, NJ, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $124,748, homeowners can expect varying tax bills depending on their specific assessment. The 25th percentile tax bill is around $2,696, while the 75th percentile reaches $4,384, and the 90th percentile can go up to $5,491. These figures highlight the range of property taxes homeowners might face within the area. Comparatively, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates stack up against the national average. This system ensures that taxes are proportionate to property values, impacting homeowners' annual financial planning and potentially influencing their decisions regarding property investments in Port Norris.
Average Port Norris Tax Bill
$3,493
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 Norris, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08349 | $1,887 | $2,696 | $3,493 | $4,384 | $5,491 |
Source: Ownwell