Burlngtn Twp, New Jersey Property Taxes
The median property tax rate in BURLNGTN TWP, NJ is 2.97%, 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 $215,450 in BURLNGTN TWP, the typical annual property tax bill amounts to $6,407, far exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below market value due to exemptions like primary residence and agricultural exemptions. Understanding BURLNGTN TWP'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 BURLNGTN TWP or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Burlngtn Twp, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$6,399
Ownwell’s BURLNGTN TWP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BURLNGTN TWP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BURLNGTN TWP 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 Burlngtn Twp, New Jersey
Property taxes in BURLNGTN TWP, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in BURLNGTN TWP is 2.97%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within BURLNGTN TWP set these rates annually, and they can vary significantly across different neighborhoods. Each year, BURLNGTN TWP 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 BURLNGTN TWP's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08016 zip code has the highest median property tax rate of 2.97%, while the same zip code also has the lowest median tax rate of 2.97%. Understanding how these cities compare with BURLNGTN TWP 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 Burlngtn Twp Tax Rate
2.97%
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 Burlngtn Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08016 | 2.97% | 2.97% | 2.97% | 2.97% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Burlngtn Twp, New Jersey
In Burlington Township, 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. In Burlington Township, 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. With a median home price of $215,450, the median tax bill in Burlington Township is $6,407. The zip code with the highest and lowest median tax bills is 08016, both at $6,407. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Burlngtn Twp, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Average Burlngtn Twp Assessed Value
$215,450
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 Burlngtn Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08016 | $206,250 | $210,425 | $215,450 | $217,475 | $230,400 |
Source: Ownwell
Property Tax Bills Across Burlngtn Twp, New Jersey
In Burlington Township, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office, reflecting the market value of the home. For example, the median home price in Burlington Township is $215,450. The property tax rate in this area is significantly higher than the national median property tax rate of 0.99%, resulting in substantial tax bills for homeowners. Homeowners in Burlington Township can expect their tax bills to vary. The 25th percentile tax bill is approximately $6,258, while the 75th percentile tax bill is around $6,468. The 90th percentile tax bill can be as high as $6,852. The highest median tax bill recorded in the area is $6,407, making it one of the more expensive regions for property taxes. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Consequently, higher property taxes can affect homeowners by increasing their annual expenses and influencing their decisions regarding homeownership and investment.
Average Burlngtn Twp Tax Bill
$6,407
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 Burlngtn Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08016 | $6,134 | $6,258 | $6,407 | $6,468 | $6,852 |
Source: Ownwell