Florence, New Jersey Property Taxes
The median property tax rate in Florence, NJ is 2.61%, 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 Florence at $200,100, the typical annual property tax bill reaches $5,235, exceeding the national median of $2,690. Property taxes in Florence 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 Florence'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 Florence 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
Florence, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.61%
Estimate Property Tax Bill
$5,223
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, New Jersey
Property taxes in Florence, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 2.61%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08518 zip code has both the highest and lowest median property tax rate of 2.61%. Understanding how these cities compare with Florence 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 Florence Tax Rate
2.61%
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 Florence, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08518 | 2.61% | 2.61% | 2.61% | 2.61% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Florence, New Jersey
In Florence, 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 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. 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 Florence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Florence, the highest median tax bill is $5,235 in the 08518 zip code, which is the same for the lowest median tax bill. This contrasts with the national median property tax rate of 0.99%, highlighting the importance of understanding local property tax dynamics.
Average Florence Assessed Value
$200,100
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 Florence, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08518 | $53,000 | $124,700 | $200,100 | $265,300 | $363,100 |
Source: Ownwell
Property Tax Bills Across Florence, New Jersey
In Florence, 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 county assessor and reflects the market value of the property. Homeowners in Florence face varying tax bills depending on their property's assessed value, with the median home price in the area being $200,100. The local tax rate in Florence impacts how much homeowners pay annually. For example, property tax bills range significantly, with the 25th percentile at $3,265 and the 75th percentile at $6,936. At the higher end, the 90th percentile sees tax bills around $9,493. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Florence homeowners may find their property tax bills to be relatively high. This can affect homeowners by increasing their annual expenses, which is an important consideration when budgeting for home ownership in the area.
Average Florence Tax Bill
$5,235
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 Florence, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08518 | $1,436 | $3,265 | $5,235 | $6,936 | $9,493 |
Source: Ownwell