Longport, New Jersey Property Taxes
The median property tax rate in Longport, NJ is 1.01%, slightly above the national median of 0.99% but well below the New Jersey state median of 2.82%. With the median home value in Longport at $610,000, the typical annual property tax bill amounts to $6,418, significantly higher than the national median of $2,690. Property taxes in Longport are calculated based on the assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Longport'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 Longport 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
Longport, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$6,161
Ownwell’s Longport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Longport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Longport 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 Longport, New Jersey
Property taxes in Longport, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Longport is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Longport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Longport 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 Longport's effective property tax rate to other areas in Atlantic County and the national median. For comparison, the zip code 08403 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Longport 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 Longport Tax Rate
1.01%
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 Longport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08403 | 1.01% | 1.01% | 1.01% | 1.01% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Longport, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Longport, New Jersey. 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 Longport, 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 Longport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Longport are both $6,418, found in the 08403 zip code.
Average Longport Assessed Value
$610,000
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 Longport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08403 | $47,000 | $393,625 | $610,000 | $1,086,225 | $2,181,750 |
Source: Ownwell
Property Tax Bills Across Longport, New Jersey
In Longport, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Longport, the median home price is $610,000. The property tax rate in Atlantic County significantly impacts the overall tax bill, with the 25th percentile of tax bills being $3,988 and the 75th percentile reaching $12,736. At the higher end, the 90th percentile tax bill can go up to $24,346. Comparatively, the national median property tax rate is 0.99%, which means Longport's property taxes can be considerably higher. This can significantly affect homeowners’ annual expenses, making it crucial to understand how these taxes are determined. In the zip code 08403, the median tax bill is $6,418, reflecting the local property values and tax rates. Understanding these factors can help homeowners better plan for their financial obligations.
Average Longport Tax Bill
$6,418
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 Longport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08403 | $1,567 | $3,988 | $6,418 | $12,736 | $24,346 |
Source: Ownwell