Westampton, New Jersey Property Taxes
The median property tax rate in Westampton, NJ is 2.57%, 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 Westampton, the typical annual property tax bill reaches $5,395, exceeding the national median of $2,690. Property taxes in Westampton 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 Westampton'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 Westampton 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
Westampton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$5,401
Ownwell’s Westampton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Westampton with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Westampton to estimate your property tax bill. This valuable 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 determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Westampton, New Jersey
Property taxes in Westampton, NJ, serve as a crucial funding source for essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westampton is 2.57%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Westampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westampton 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 Westampton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08060 zip code has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Westampton 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 Westampton Tax Rate
2.57%
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 Westampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08060 | 2.57% | 2.57% | 2.57% | 2.57% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Westampton, New Jersey
In Westampton, 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 Westampton, 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 Westampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08060 in Westampton has the highest median tax bill at $5,395, which is significantly higher than the national median property tax rate of 0.99%.
Average Westampton Assessed Value
$210,150
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 Westampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08060 | $161,500 | $176,200 | $210,150 | $247,175 | $308,430 |
Source: Ownwell
Property Tax Bills Across Westampton, New Jersey
In Westampton, 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, determined by the county assessor, reflects the market value of the property. Homeowners in Westampton face property tax bills influenced by several factors, including the home's assessed value, local tax rates, and applicable exemptions. The median home price in Westampton is $210,150, contributing to varying tax bills. For instance, the 25th percentile tax bill is $4,525, while the 75th percentile reaches $6,346, and the 90th percentile can go up to $7,918. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Westampton's property taxes can significantly impact homeowners. Higher property taxes can affect affordability and the overall cost of living, making it crucial for homeowners to understand their tax liabilities and explore potential exemptions to manage their expenses effectively.
Average Westampton Tax Bill
$5,395
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 Westampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08060 | $4,147 | $4,525 | $5,395 | $6,346 | $7,918 |
Source: Ownwell