Tabernacle, New Jersey Property Taxes
The median property tax rate in Tabernacle, NJ is 2.94%, 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 Tabernacle, the typical annual property tax bill reaches $7,640, exceeding the national median of $2,690. Property taxes in Tabernacle 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 Tabernacle'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 Tabernacle or another part of Burlington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tabernacle, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$7,629
Ownwell’s TABERNACLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TABERNACLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TABERNACLE 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 Tabernacle, New Jersey
Property taxes in Tabernacle, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tabernacle is 2.94%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Tabernacle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tabernacle 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 Tabernacle's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08088 zip code has the highest median property tax rate of 2.94%, while the same zip code also has the lowest median tax rate of 2.94%. Understanding how these cities compare with Tabernacle 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 Tabernacle Tax Rate
2.94%
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 Tabernacle, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08088 | 2.94% | 2.94% | 2.94% | 2.94% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Tabernacle, New Jersey
In Tabernacle, 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 Tabernacle, 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 Tabernacle is $259,500, with tax bills ranging from $6,125 at the 25th percentile to $11,383 at the 90th percentile. Notably, the zip code 08088 has the highest and lowest median tax bills at $7,640. 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 Tabernacle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tabernacle Assessed Value
$259,500
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 Tabernacle, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08088 | $166,360 | $208,200 | $259,500 | $317,450 | $386,920 |
Source: Ownwell
Property Tax Bills Across Tabernacle, New Jersey
In Tabernacle, 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 tax assessor and is intended to reflect the market value of the property. Homeowners in Tabernacle can expect a median home price of $259,500. The tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Tabernacle, the 25th percentile tax bill is $6,125, while the 75th percentile tax bill reaches $9,351. At the higher end, the 90th percentile tax bill is $11,383. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the relatively high property taxes in New Jersey. Homeowners should be aware that these taxes fund essential local services such as public schools, emergency services, and infrastructure maintenance. Understanding how property taxes are calculated can help homeowners budget more effectively and potentially seek exemptions or appeals if they believe their property is over-assessed.
Average Tabernacle Tax Bill
$7,640
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 Tabernacle, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08088 | $4,894 | $6,125 | $7,640 | $9,351 | $11,383 |
Source: Ownwell