Cherry Hill, New Jersey Property Taxes
The median property tax rate in Cherry Hill, NJ is 3.17%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Cherry Hill at $281,089, the typical annual property tax bill reaches $8,896, far exceeding the national median of $2,690. Property taxes in Cherry Hill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cherry Hill'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 Cherry Hill 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
Cherry Hill, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.17%
Estimate Property Tax Bill
$8,911
Ownwell’s Cherry Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cherry Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherry Hill 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 Cherry Hill, New Jersey
Property taxes in Cherry Hill, 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 Cherry Hill is 3.17%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Cherry Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherry Hill 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 Cherry Hill's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08002 zip code has the highest median property tax rate of 3.17%, while the 08034 zip code has the lowest median tax rate of 3.17%. Understanding how these cities compare with Cherry Hill provides valuable insights into the varying tax landscape across Camden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherry Hill Tax Rate
3.17%
Average Camden County Tax Rate
3.17%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherry Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08002 | 3.17% | 3.17% | 3.17% | 3.17% | 3.17% |
| 08003 | 3.17% | 3.17% | 3.17% | 3.17% | 3.17% |
| 08034 | 3.17% | 3.17% | 3.17% | 3.17% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Cherry Hill, New Jersey
In Cherry Hill, 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 Camden County 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 Cherry Hill, 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. The highest median tax bill in Cherry Hill is in zip code 08003, at $10,362, while the lowest median tax bill is in zip code 08002, at $7,883. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cherry Hill Assessed Value
$281,089
Average Camden County Assessed Value
$216,803
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cherry Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08002 | $67,020 | $199,137 | $249,370 | $291,108 | $336,164 |
| 08003 | $207,963 | $272,197 | $327,405 | $407,432 | $506,039 |
| 08034 | $153,815 | $211,580 | $258,262 | $316,523 | $370,803 |
Source: Ownwell
Property Tax Bills Across Cherry Hill, New Jersey
In Cherry Hill, Camden County, NJ, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Cherry Hill's property tax rates are notably higher than the national median rate of 0.99%, reflecting the area's emphasis on funding public services and infrastructure. Several factors influence the tax bill, including the property's location within specific zip codes. For instance, the highest median tax bill in Cherry Hill is $10,362 in the 08003 zip code, while the lowest median tax bill is $7,883 in the 08002 zip code. Homeowners in Cherry Hill can expect tax bills ranging from the 25th percentile at $7,156 to the 90th percentile at $13,560, depending on their property's assessed value and location. These property taxes significantly impact homeowners by contributing to local schools, public safety, and community amenities, which in turn can affect property values and overall quality of life in Cherry Hill.
Average Cherry Hill Tax Bill
$8,896
Average Camden County Tax Bill
$7,089
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherry Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08002 | $2,122 | $6,295 | $7,883 | $9,198 | $10,605 |
| 08003 | $6,622 | $8,618 | $10,362 | $12,896 | $15,976 |
| 08034 | $4,933 | $6,711 | $8,173 | $10,013 | $11,724 |
Source: Ownwell