Alloway, New Jersey Property Taxes
The median property tax rate in Alloway, NJ is 3.18%, 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 Alloway, the typical annual property tax bill reaches $4,772, exceeding the national median of $2,690. Property taxes in Alloway 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 Alloway'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 Alloway 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
Alloway, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.18%
Estimate Property Tax Bill
$4,862
Ownwell’s Alloway Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Alloway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alloway to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Alloway, New Jersey
Property taxes in Alloway, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alloway is 3.18%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Alloway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alloway 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 Alloway's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08001 zip code has the highest median property tax rate of 3.18%, while the 08001 zip code also has the lowest median tax rate of 3.18%. Understanding how these cities compare with Alloway provides valuable insights into the varying tax landscape across Salem County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alloway Tax Rate
3.18%
Average Salem County Tax Rate
3.71%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alloway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08001 | 2.89% | 3.12% | 3.18% | 3.18% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Alloway, New Jersey
In Alloway, 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 Salem 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 Alloway, 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 Alloway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Alloway is $152,900, with tax bills ranging from $3,773 at the 25th percentile to $7,708 at the 90th percentile. The zip code 08001 has both the highest and lowest median tax bill at $4,772.
Average Alloway Assessed Value
$152,900
Average Salem County Assessed Value
$154,700
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alloway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08001 | $97,870 | $121,100 | $152,900 | $192,550 | $246,660 |
Source: Ownwell
Property Tax Bills Across Alloway, New Jersey
In Alloway, 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 local tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements made. For instance, the median home price in Alloway is $152,900, and the tax bill can vary significantly. Homeowners in the 25th percentile pay around $3,773, while those in the 75th percentile face bills of up to $5,989. At the 90th percentile, tax bills can reach as high as $7,708. This variability in tax bills can significantly impact homeowners, influencing decisions on property purchases and investments. Compared to the national median property tax rate of 0.99%, Alloway's rates are relatively high, reflecting the local government's funding needs and priorities.
Average Alloway Tax Bill
$4,772
Average Salem County Tax Bill
$5,715
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Alloway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08001 | $2,880 | $3,773 | $4,772 | $5,989 | $7,708 |
Source: Ownwell