Newfield, New Jersey Property Taxes
The median property tax rate in Newfield, NJ is 2.91%, 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 $5,942, 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
2.91%
Estimate Property Tax Bill
$5,938
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 applies the median tax rate in Newfield to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in observing trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for 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 2.91%, 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 08344 zip code has the highest median property tax rate of 2.91%, while the same 08344 zip code also has the lowest median tax rate of 2.91%. Understanding how these cities compare with Newfield 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 Newfield Tax Rate
2.91%
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 Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | 2.80% | 2.91% | 2.91% | 2.92% | 2.92% |
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 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 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 zip code with the highest median tax bill is 08344 at $5,942, which is also the lowest in Newfield, reflecting a uniform tax burden across the area.
Average Newfield Assessed Value
$204,050
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 Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | $139,050 | $167,900 | $204,050 | $237,175 | $308,760 |
Source: Ownwell
Property Tax Bills Across Newfield, New Jersey
In Newfield, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local tax assessors who evaluate the property's market value. This value is then multiplied by the tax rate set by local government authorities to determine the annual tax bill. For homeowners in Newfield, the median home price is $204,050, and the tax bills can vary significantly. At the 25th percentile, a homeowner might pay around $4,883, while at the 75th percentile, the tax bill could reach $6,914. For those at the 90th percentile, the tax bill can be as high as $8,850. This variation is due to differences in property values and specific local tax rates. With the national median property tax rate at 0.99%, Newfield’s rates are relatively high, impacting homeowners by increasing their annual expenses and affecting their overall cost of living.
Average Newfield Tax Bill
$5,942
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 Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | $3,834 | $4,883 | $5,942 | $6,914 | $8,850 |
Source: Ownwell