Newfield, New Jersey Property Taxes
The median property tax rate in Newfield, NJ is 2.84%, 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 Newfield, the typical annual property tax bill reaches $6,416, exceeding the national median of $2,690. Property taxes in Newfield 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 Newfield'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 Newfield 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
Newfield, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$6,247
Ownwell’s Newfield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Newfield with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Newfield to project your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Newfield, New Jersey
Property taxes in Newfield, 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 Newfield is 2.84%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Newfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newfield 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 Newfield's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08344 has both the highest and lowest median property tax rate of 2.84%. Understanding how these areas compare with Newfield provides valuable insights into the varying tax landscape across Gloucester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newfield Tax Rate
2.84%
Average Gloucester County Tax Rate
2.83%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | 2.82% | 2.82% | 2.84% | 3.02% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Newfield, New Jersey
In Newfield, 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 Gloucester 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 Newfield, 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 Newfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Newfield are both $6416, found in the zip code 08344.
Average Newfield Assessed Value
$219,962
Average Gloucester County Assessed Value
$246,529
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | $151,922 | $180,395 | $219,962 | $285,088 | $354,181 |
Source: Ownwell
Property Tax Bills Across Newfield, New Jersey
In Newfield, property tax bills are calculated based on the assessed value of your home, which is determined by the Gloucester County tax assessor. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners in Newfield face significant property tax bills, with the median tax bill being $6,416. This is considerably higher than the national median property tax rate of 0.99%. The tax bill for the 25th percentile is $5,221, while those in the 75th percentile pay around $8,228. For the top 10% of homeowners, the tax bill can reach up to $10,226. These high property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning. Understanding how these taxes are calculated and what factors are considered can help homeowners better prepare for these expenses.
Average Newfield Tax Bill
$6,416
Average Gloucester County Tax Bill
$7,106
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | $4,393 | $5,221 | $6,416 | $8,228 | $10,226 |
Source: Ownwell