Pittsgrove, New Jersey Property Taxes
The median property tax rate in Pittsgrove, NJ, is 3.96%, 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 Pittsgrove at $161,650, the typical annual property tax bill reaches $6,304, far exceeding the national median of $2,690. Property taxes in Pittsgrove 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 Pittsgrove'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 Pittsgrove 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
Pittsgrove, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.96%
Estimate Property Tax Bill
$6,401
Ownwell’s Pittsgrove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pittsgrove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pittsgrove 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pittsgrove, New Jersey
Property taxes in Pittsgrove, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pittsgrove is 3.96%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Pittsgrove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pittsgrove 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 Pittsgrove's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08318 zip code has the highest median property tax rate of 3.96%, while the 08318 zip code also has the lowest median tax rate of 3.96%. Understanding how these cities compare with Pittsgrove 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 Pittsgrove Tax Rate
3.96%
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 Pittsgrove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08318 | 3.62% | 3.85% | 3.96% | 3.98% | 3.98% |
Source: Ownwell
Property Tax Assessment Values Across Pittsgrove, New Jersey
In Pittsgrove, 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 Pittsgrove, 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 Pittsgrove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Pittsgrove is $6,304 in the 08318 zip code, which also has the lowest median tax bill.
Average Pittsgrove Assessed Value
$161,650
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 Pittsgrove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08318 | $93,940 | $121,700 | $161,650 | $240,375 | $313,990 |
Source: Ownwell
Property Tax Bills Across Pittsgrove, New Jersey
Property tax bills in Pittsgrove, located in Salem County, NJ, are determined by multiplying the assessed value of a property by the local tax rate. Salem County has a median property tax rate significantly higher than the national median of 0.99%. In Pittsgrove, the median home price is $161,650, and property tax bills can vary widely. At the 25th percentile, homeowners pay around $4,635 annually, while at the 75th percentile, the tax bill jumps to approximately $9,407. For those at the 90th percentile, the tax bill can reach up to $11,904. Factors influencing these variations include property size, location, and any improvements made. Homeowners in Pittsgrove with properties in the zip code 08318 experience a median tax bill of $6,304, which is consistent across the area. These property tax bills can significantly impact homeowners' budgets, making it essential to understand how local assessments and rates affect their financial planning.
Average Pittsgrove Tax Bill
$6,304
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 Pittsgrove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08318 | $3,693 | $4,635 | $6,304 | $9,407 | $11,904 |
Source: Ownwell