Woodstown, New Jersey Property Taxes
The median property tax rate in Woodstown, NJ is 3.83%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $200,000 in Woodstown, the typical annual property tax bill reaches $7,228, far exceeding the national median of $2,690. Property taxes in Woodstown are calculated based on the tax assessed value, which is often below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Woodstown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Woodstown or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodstown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.83%
Estimate Property Tax Bill
$7,660
Ownwell’s Woodstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodstown 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 Woodstown, New Jersey
Property taxes in Woodstown, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodstown is 3.83%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Woodstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodstown 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 Woodstown's effective property tax rate to other regions in New Jersey and the national median. For comparison, the 08098 zip code has the highest median property tax rate of 3.83%, while the same 08098 zip code also has the lowest median tax rate of 3.83%. Understanding how these areas compare with Woodstown 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 Woodstown Tax Rate
3.83%
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 Woodstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08098 | 3.18% | 3.37% | 3.83% | 3.91% | 3.91% |
Source: Ownwell
Property Tax Assessment Values Across Woodstown, New Jersey
In Woodstown, 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 Woodstown, 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 Woodstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 08098, with a median tax bill of $7,228.
Average Woodstown Assessed Value
$200,000
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 Woodstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08098 | $121,840 | $159,200 | $200,000 | $248,200 | $324,000 |
Source: Ownwell
Property Tax Bills Across Woodstown, New Jersey
In Woodstown, 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 assessor and is meant to reflect the market value of the property. Homeowners in Woodstown face property tax rates that are significantly higher than the national median of 0.99%. For instance, the median home price in Woodstown is $200,000, leading to substantial property tax bills. Factors such as property location, home size, and improvements can influence the assessed value, directly impacting the tax bill. In Woodstown, the 25th percentile of tax bills is $5,737, while the 75th percentile reaches $9,115, and the 90th percentile soars to $11,959. This wide range illustrates the variability in tax obligations based on property characteristics. Homeowners must budget for these taxes, as they can significantly affect annual expenses. For those living in the 08098 zip code, the median tax bill stands at $7,228, highlighting the financial commitment required to own property in this area.
Average Woodstown Tax Bill
$7,228
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 Woodstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08098 | $4,290 | $5,737 | $7,228 | $9,115 | $11,959 |
Source: Ownwell