Green Creek, New Jersey Property Taxes
The median property tax rate in Green Creek, NJ is 1.78%, 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 Green Creek, the typical annual property tax bill reaches $4,485, exceeding the national median of $2,690. Property taxes in Green Creek 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 Green Creek'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 Green Creek 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
Green Creek, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.78%
Estimate Property Tax Bill
$4,496
Ownwell’s Green Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Creek 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 Green Creek, New Jersey
Property taxes in Green Creek, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Creek is 1.78%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Green Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Creek 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 Green Creek's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08219 zip code has the highest median property tax rate of 1.78%, while the same 08219 zip code also has the lowest median tax rate of 1.78%. Understanding how these cities compare with Green Creek 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 Green Creek Tax Rate
1.78%
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 Green Creek, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08219 | 1.74% | 1.78% | 1.78% | 1.78% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Green Creek, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Green Creek, New Jersey. 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 local 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 Green Creek, 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 Green Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Green Creek are both $4,485 in the 08219 zip code.
Property Tax Assessment Values Across Green Creek, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Green Creek Assessed Value
$252,559
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 Green Creek, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08219 | $209,480 | $231,508 | $252,559 | $335,669 | $362,795 |
Source: Ownwell
Property Tax Bills Across Green Creek, New Jersey
In Green Creek, Cape May 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's office and reflects the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's location, size, and condition, as well as recent sales of comparable properties in the area. Homeowners in Green Creek can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $4,079, while at the 75th percentile, it rises to $5,961, and at the 90th percentile, it reaches $6,442. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Consequently, homeowners in Green Creek contribute to the community's overall well-being while also experiencing the financial impact of these taxes.
Average Green Creek Tax Bill
$4,485
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 Green Creek, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08219 | $3,593 | $4,079 | $4,485 | $5,961 | $6,442 |
Source: Ownwell