Elwood, New Jersey Property Taxes
The median property tax rate in Elwood, NJ is 3.41%, 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 Elwood at $140,000, the typical annual property tax bill reaches $4,775, exceeding the national median of $2,690. Property taxes in Elwood 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 Elwood'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 Elwood 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
Elwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.41%
Estimate Property Tax Bill
$4,774
Ownwell’s Elwood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elwood 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 Elwood, New Jersey
Property taxes in Elwood, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwood is 3.41%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Elwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwood 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 Elwood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08217 zip code has the highest median property tax rate of 3.41%, while the same 08217 zip code has the lowest median tax rate of 3.41%. Understanding how these cities compare with Elwood provides valuable insights into the varying tax landscape across Atlantic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elwood Tax Rate
3.41%
Average Atlantic County Tax Rate
3.23%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08217 | 3.41% | 3.41% | 3.41% | 3.41% | 3.41% |
Source: Ownwell
Property Tax Assessment Values Across Elwood, New Jersey
In Elwood, 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 Atlantic 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 Elwood, 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 Elwood 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 08217, with a tax bill of $4,775. Similarly, the zip code with the lowest median tax bill is also 08217, with the same tax bill value.
Average Elwood Assessed Value
$140,000
Average Atlantic County Assessed Value
$186,700
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08217 | $140,000 | $140,000 | $140,000 | $140,000 | $140,000 |
Source: Ownwell
Property Tax Bills Across Elwood, New Jersey
In Elwood, 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's office and ideally reflects 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. For example, in Elwood, the median home price is $140,000, and the median property tax bill is $4,775, significantly higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include property size, location, and improvements made to the home. Homeowners in Elwood can expect their tax bills to be consistent, as the 25th, 75th, and 90th percentiles all report the same tax amount of $4,775. This uniformity suggests a stable tax environment but also highlights the relatively high property tax burden compared to other regions. High property taxes can impact homeowners by increasing the cost of homeownership, potentially affecting affordability and long-term financial planning.
Average Elwood Tax Bill
$4,775
Average Atlantic County Tax Bill
$5,716
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08217 | $4,775 | $4,775 | $4,775 | $4,775 | $4,775 |
Source: Ownwell