Beverly, New Jersey Property Taxes
The median property tax rate in Beverly, NJ is 3.42%, 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 Beverly, the typical annual property tax bill reaches $6,510, exceeding the national median of $2,690. Property taxes in Beverly 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 Beverly'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 Beverly 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
Beverly, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.42%
Estimate Property Tax Bill
$5,937
Ownwell’s Beverly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beverly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beverly 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 Beverly, New Jersey
Property taxes in Beverly, New Jersey, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beverly is 3.42%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Beverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beverly 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 Beverly's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08010 zip code has the highest median property tax rate of 3.42%, while the same zip code also has the lowest median tax rate of 3.42%. Understanding how these cities compare with Beverly provides valuable insights into the varying tax landscape across Burlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beverly Tax Rate
3.42%
Average Burlington County Tax Rate
3.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beverly, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08010 | 3.42% | 3.42% | 3.42% | 5.05% | 5.05% |
Source: Ownwell
Property Tax Assessment Values Across Beverly, New Jersey
In Beverly, 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 Burlington County Assessor 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. 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 Beverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Beverly's median home price is $173,600, with the median tax bill ranging from $4,817 at the 25th percentile to $8,929 at the 90th percentile. The zip code 08010 has the highest and lowest median tax bill of $6,510.
Average Beverly Assessed Value
$173,600
Average Burlington County Assessed Value
$210,600
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beverly, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08010 | $60,000 | $106,350 | $173,600 | $212,200 | $249,300 |
Source: Ownwell
Property Tax Bills Across Beverly, New Jersey
In Beverly, 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 Burlington County assessor's office and reflects the market value of the property. The local tax rate is applied to this assessed value to calculate the annual property tax bill. For example, with a median home price of $173,600 in Beverly, homeowners might expect varying tax bills depending on their specific property assessments. Factors considered in determining the tax bill include the property's location, size, and condition. Homeowners in Beverly experience tax bills ranging from the 25th percentile at $4,817 to the 75th percentile at $7,492, with the 90th percentile reaching up to $8,929. Comparatively, the national median property tax rate is 0.99%, making Beverly's property taxes relatively high. This significant tax burden can impact homeowners by increasing their overall cost of living and affecting their long-term financial planning.
Average Beverly Tax Bill
$6,510
Average Burlington County Tax Bill
$6,846
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Beverly, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08010 | $2,220 | $4,817 | $6,510 | $7,492 | $8,929 |
Source: Ownwell