Pennsauken, New Jersey Property Taxes
The median property tax rate in Pennsauken, NJ is 3.04%, 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 Pennsauken at $194,923, the typical annual property tax bill reaches $5,920, far exceeding the national median of $2,690. Property taxes in Pennsauken are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Pennsauken'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 Pennsauken 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
Pennsauken, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$5,926
Ownwell’s Pennsauken Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pennsauken with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pennsauken 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 Pennsauken, New Jersey
Property taxes in Pennsauken, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pennsauken is 3.04%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Pennsauken set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pennsauken 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 Pennsauken's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08109 zip code has the highest median property tax rate of 3.04%, while the 08110 zip code has the lowest median tax rate of 3.04%. Understanding how these cities compare with Pennsauken 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 Pennsauken Tax Rate
3.04%
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 Pennsauken, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08109 | 3.04% | 3.04% | 3.04% | 3.04% | 3.04% |
| 08110 | 2.92% | 3.04% | 3.04% | 3.04% | 3.04% |
Source: Ownwell
Property Tax Assessment Values Across Pennsauken, New Jersey
In Pennsauken, 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 Assessor’s Office 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 Pennsauken, 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 Pennsauken helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $6,658 in zip code 08109, while the lowest median tax bill is $5,203 in zip code 08110.
Average Pennsauken Assessed Value
$194,923
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 Pennsauken, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08109 | $166,877 | $195,063 | $219,044 | $245,828 | $275,277 |
| 08110 | $113,981 | $140,373 | $171,364 | $194,503 | $221,287 |
Source: Ownwell
Property Tax Bills Across Pennsauken, New Jersey
In Pennsauken, Camden County, 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 local assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Pennsauken, the property tax burden can vary significantly. The median home price in the area is $194,923, and tax bills range widely. For instance, the 25th percentile tax bill is $4,934, while the 75th percentile reaches $6,876. The highest median tax bill in the area is $6,658 in ZIP code 08109, whereas the lowest median tax bill is $5,203 in ZIP code 08110. These figures are considerably higher than the national median property tax rate of 0.99%, indicating a substantial impact on homeowners' finances in this region.
Average Pennsauken Tax Bill
$5,920
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 Pennsauken, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08109 | $4,994 | $5,933 | $6,658 | $7,469 | $8,361 |
| 08110 | $3,406 | $4,247 | $5,203 | $5,886 | $6,684 |
Source: Ownwell