Waterford Works, New Jersey Property Taxes
The median property tax rate in Waterford Works, NJ is 3.10%, 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 Waterford Works at $229,510, the typical annual property tax bill reaches $7,017, exceeding the national median of $2,690. Property taxes in Waterford Works 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 Waterford Works' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Waterford Works 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
Waterford Works, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.1%
Estimate Property Tax Bill
$7,115
Ownwell’s Waterford Works Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterford Works with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterford Works 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 Waterford Works, New Jersey
Property taxes in Waterford Works, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterford Works is 3.10%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Waterford Works set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterford Works 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 Waterford Works' effective property tax rate to other areas in Camden County and the national median. For comparison, the 08089 zip code has the highest median property tax rate of 3.10%, while the same zip code also has the lowest median tax rate of 3.10%. Understanding how these rates compare with Waterford Works 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 Waterford Works Tax Rate
3.10%
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 Waterford Works, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08089 | 2.95% | 2.95% | 3.10% | 3.10% | 3.35% |
Source: Ownwell
Property Tax Assessment Values Across Waterford Works, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waterford Works, NJ. 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. 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 median home price in Waterford Works is $229,510, with tax bills ranging significantly. For example, the 25th percentile tax bill is $6,036, while the 75th percentile tax bill is $8,037. The highest median tax bill is $7,017 in the 08089 zip code, which also has the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Waterford Works, New Jersey
Source: Ownwell
$54,570
$257,531
$460,492
Average Waterford Works Assessed Value
$229,510
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 Waterford Works, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08089 | $164,287 | $192,802 | $229,510 | $264,016 | $319,221 |
Source: Ownwell
Property Tax Bills Across Waterford Works, New Jersey
Property tax bills in Waterford Works, located in Camden County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the home. Camden County has one of the highest median property tax bills in the nation, with homeowners in the 08089 zip code paying a median tax bill of $7,017. To calculate the tax bill, the assessed value of a home is multiplied by the local tax rate. For instance, with a median home price of $229,510, homeowners can expect their tax bills to fall within a range. The 25th percentile tax bill is around $6,036, while the 75th percentile reaches $8,037, and the 90th percentile can go up to $9,629. These high property taxes can significantly impact homeowners' budgets, making it crucial to understand and potentially appeal the assessed values to ensure fair taxation.
Average Waterford Works Tax Bill
$7,017
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 Waterford Works, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08089 | $5,235 | $6,036 | $7,017 | $8,037 | $9,629 |
Source: Ownwell