Merchantville, New Jersey Property Taxes
The median property tax rate in Merchantville, NJ is 3.98%, 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 Merchantville at $230,279, the typical annual property tax bill reaches $8,911, far exceeding the national median of $2,690. Property taxes in Merchantville 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 Merchantville'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 Merchantville or another part of Camden County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Merchantville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.98%
Estimate Property Tax Bill
$9,165
Ownwell’s Merchantville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merchantville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merchantville 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 Camden County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Merchantville, New Jersey
Property taxes in Merchantville, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merchantville is 3.98%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Merchantville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merchantville 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 Merchantville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08109 has the highest and lowest median property tax rate of 3.98%. Understanding how these cities compare with Merchantville 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 Merchantville Tax Rate
3.98%
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 Merchantville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08109 | 3.04% | 3.98% | 3.98% | 3.98% | 3.98% |
Source: Ownwell
Property Tax Assessment Values Across Merchantville, New Jersey
In Merchantville, 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 Camden 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 Merchantville, 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 Merchantville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Merchantville is $230,279. The highest median tax bill is $8,911 in the 08109 zip code, and the lowest median tax bill is also $8,911 in the same zip code. The 25th percentile tax bill is $7,138, while the 75th percentile tax bill is $11,408, and the 90th percentile tax bill is $13,887.
Property Tax Assessment Values Across Merchantville, New Jersey
Source: Ownwell
$54,570
$257,531
$460,492
Average Merchantville Assessed Value
$230,279
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 Merchantville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08109 | $147,598 | $186,696 | $230,279 | $288,326 | $349,840 |
Source: Ownwell
Property Tax Bills Across Merchantville, New Jersey
In Merchantville, property tax bills are calculated based on the assessed value of a home, which is determined by local taxing authorities. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $230,279, homeowners can expect tax bills that vary significantly. At the 25th percentile, tax bills are around $7,138, while at the 75th percentile, they rise to about $11,408. The top 10% of tax bills can reach up to $13,887. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Merchantville. Compared to the national median property tax rate of 0.99%, Merchantville's rates are considerably higher, reflecting the region's emphasis on well-funded public services. Homeowners should be aware of these factors when budgeting for annual expenses or considering property investments in the area.
Average Merchantville Tax Bill
$8,911
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 Merchantville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08109 | $5,498 | $7,138 | $8,911 | $11,408 | $13,887 |
Source: Ownwell