Palmyra, New Jersey Property Taxes
The median property tax rate in Palmyra, NJ is 4.13%, considerably higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Palmyra at $151,800, the typical annual property tax bill reaches $6,265, far exceeding the national median of $2,690. Property taxes in Palmyra are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Palmyra'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 Palmyra 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
Palmyra, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.13%
Estimate Property Tax Bill
$6,269
Ownwell’s Palmyra Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra to provide an estimate of 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 Palmyra, New Jersey
Property taxes in Palmyra, 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 Palmyra is 4.13%, significantly higher than both New Jersey's state median and the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08065 zip code has the highest median property tax rate of 4.13%, while the lowest median tax rate is also 4.13%. Understanding how these cities compare with Palmyra 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 Palmyra Tax Rate
4.13%
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 Palmyra, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08065 | 4.13% | 4.13% | 4.13% | 4.13% | 4.13% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, New Jersey
In Palmyra, 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. In Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Palmyra is $151,800, with tax bills ranging from $5,151 at the 25th percentile to $7,972 at the 90th percentile. Notably, the zip code 08065 has both the highest and lowest median tax bill, standing at $6,265.
Average Palmyra Assessed Value
$151,800
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 Palmyra, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08065 | $100,600 | $124,625 | $151,800 | $170,800 | $192,760 |
Source: Ownwell
Property Tax Bills Across Palmyra, New Jersey
In Palmyra, located in Burlington County, 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 and reflects a percentage of the home's market value. Homeowners in Palmyra experience property tax bills that vary significantly, with the 25th percentile tax bill at $5,151 and the 75th percentile tax bill reaching $7,057. The 90th percentile tax bill climbs even higher to $7,972. Comparing these figures to the national median property tax rate of 0.99%, Palmyra's property taxes are notably higher. The median home price in Palmyra is $151,800, meaning that homeowners can expect substantial tax bills, impacting their overall cost of homeownership. These taxes fund essential local services such as schools, public safety, and infrastructure, making them a crucial aspect of community development but also a significant financial consideration for residents.
Average Palmyra Tax Bill
$6,265
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 Palmyra, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08065 | $4,159 | $5,151 | $6,265 | $7,057 | $7,972 |
Source: Ownwell