Pemberton, New Jersey Property Taxes
The median property tax rate in Pemberton, NJ is 2.66%, 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 Pemberton at $158,800, the typical annual property tax bill reaches $4,217, exceeding the national median of $2,690. Property taxes in Pemberton 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 Pemberton'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 Pemberton 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
Pemberton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$4,224
Ownwell’s Pemberton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pemberton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pemberton 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 Pemberton, New Jersey
Property taxes in Pemberton, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pemberton is 2.66%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Pemberton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pemberton 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 Pemberton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08068 zip code has both the highest and lowest median property tax rate of 2.66%. Understanding how these cities compare with Pemberton 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 Pemberton Tax Rate
2.66%
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 Pemberton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08068 | 2.54% | 2.66% | 2.66% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Pemberton, New Jersey
In Pemberton, NJ, 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 Pemberton, 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. The median home price in Pemberton is $158,800, with tax bills varying significantly; the 25th percentile tax bill is $3,385, and the 75th percentile tax bill is $5,744. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pemberton Assessed Value
$158,800
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 Pemberton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08068 | $59,100 | $128,300 | $158,800 | $216,800 | $271,880 |
Source: Ownwell
Property Tax Bills Across Pemberton, New Jersey
In Pemberton, located in Burlington County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The tax rate is then applied to this assessed value to determine the annual property tax bill. For instance, homeowners in Pemberton can expect a median property tax bill of $4,217, which is significantly higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Pemberton face varying tax bills, with the 25th percentile at $3,385 and the 75th percentile reaching $5,744. At the 90th percentile, property taxes can soar to $7,213. These property tax rates can significantly impact homeowners' finances, influencing their monthly budgeting and long-term financial planning. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and make informed decisions about property investments.
Average Pemberton Tax Bill
$4,217
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 Pemberton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08068 | $1,573 | $3,385 | $4,217 | $5,744 | $7,213 |
Source: Ownwell