Avalon, New Jersey Property Taxes
The median property tax rate in Avalon, NJ is 0.41%, considerably lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Avalon, the typical annual property tax bill reaches $8,148, significantly exceeding the national median of $2,690. Property taxes in Avalon 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 Avalon’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 Avalon 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
Avalon, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$7,575
Ownwell’s Avalon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Avalon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Avalon 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 Avalon, New Jersey
Property taxes in Avalon, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Avalon is 0.41%, which is significantly lower than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Avalon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Avalon 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 Avalon's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08202 zip code has both the highest and the lowest median property tax rate of 0.41%. Understanding how these cities compare with Avalon provides valuable insights into the varying tax landscape across Cape May County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Avalon Tax Rate
0.41%
Average Cape May County Tax Rate
1.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Avalon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08202 | 0.41% | 0.41% | 0.41% | 0.41% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Avalon, New Jersey
In Avalon, 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 Cape May 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 in Avalon 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 Avalon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 08202, with a median tax bill of $8,148.
Average Avalon Assessed Value
$1,847,644
Average Cape May County Assessed Value
$477,646
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Avalon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08202 | $681,316 | $1,078,820 | $1,847,644 | $3,098,488 | $4,504,947 |
Source: Ownwell
Property Tax Bills Across Avalon, New Jersey
Property tax bills in Avalon, located in Cape May County, NJ, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value and is influenced by factors such as location, property size, and market conditions. Homeowners in Avalon experience a range of property tax bills, with the 25th percentile at $4,819 and the 75th percentile at $13,220. The 90th percentile reaches as high as $18,737. These figures are notably higher than the national median property tax rate of 0.99%. The highest and lowest median tax bills in Avalon both stand at $8,148, reflecting a consistent tax rate within the zip code 08202. These property taxes significantly impact homeowners, as they represent a substantial annual expense that must be factored into the overall cost of owning a home in this desirable coastal city.
Average Avalon Tax Bill
$8,148
Average Cape May County Tax Bill
$5,051
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Avalon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08202 | $3,042 | $4,819 | $8,148 | $13,220 | $18,737 |
Source: Ownwell