Williamstown, New Jersey Property Taxes
The median property tax rate in Williamstown, NJ is 2.85%, 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 Williamstown, the typical annual property tax bill reaches $6,874, significantly exceeding the national median of $2,690. Property taxes in Williamstown 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 Williamstown'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 Williamstown 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
Williamstown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.85%
Estimate Property Tax Bill
$6,867
Ownwell’s Williamstown Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Williamstown with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Williamstown to estimate your property tax bill. This valuable tool provides insight into potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Gloucester County for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Williamstown, New Jersey
Property taxes in Williamstown, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamstown is 2.85%, significantly higher than the U.S. national median of 0.99%. Local government entities within Williamstown set these rates annually, and they can vary across different neighborhoods. Each year, Williamstown 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 Williamstown's effective property tax rate to other areas in Gloucester County and the national median. For comparison, the zip code 08094 has the highest median property tax rate of 2.85%, while the lowest median tax rate is also 2.85%. Understanding how these figures compare with Williamstown 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 Williamstown Tax Rate
2.85%
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 Williamstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08094 | 2.85% | 2.85% | 2.85% | 2.85% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Williamstown, New Jersey
In Williamstown, 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 Assessor 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 Williamstown, 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 instance, the median home price in Williamstown is $240,962, with tax bills ranging from $5,649 at the 25th percentile to $11,178 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Williamstown, New Jersey
Source: Ownwell
$118,344
$296,046
$473,747
Average Williamstown Assessed Value
$240,962
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 Williamstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08094 | $167,155 | $198,114 | $240,962 | $324,245 | $391,872 |
Source: Ownwell
Property Tax Bills Across Williamstown, New Jersey
In Williamstown, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Gloucester County tax assessor and reflects the market value of the property. Homeowners in Williamstown face property tax bills that can vary significantly. For instance, the tax bill at the 25th percentile is $5,649, while at the 75th percentile, it rises to $9,246, and at the 90th percentile, it reaches $11,178. The median home price in the area is $240,962, and the median tax bill is notably higher than the national median property tax rate of 0.99%. These tax bills can have a substantial impact on homeowners, influencing their monthly expenses and overall financial planning. High property taxes can also affect property values and the attractiveness of the area to potential buyers, making it crucial for homeowners to understand how their tax bills are determined and what they can do to manage them effectively.
Average Williamstown Tax Bill
$6,874
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 Williamstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08094 | $4,769 | $5,649 | $6,874 | $9,246 | $11,178 |
Source: Ownwell