Tuckahoe, New Jersey Property Taxes
The median property tax rate in Tuckahoe, NJ, is 1.65%, 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 Tuckahoe, the typical annual property tax bill reaches $4,176, exceeding the national median of $2,690. Property taxes in Tuckahoe 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 Tuckahoe'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 Tuckahoe 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
Tuckahoe, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$4,170
Ownwell’s Tuckahoe Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tuckahoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tuckahoe 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 Tuckahoe, New Jersey
Property taxes in Tuckahoe, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tuckahoe is 1.65%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Tuckahoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tuckahoe 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 Tuckahoe's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08250 zip code has the highest median property tax rate of 1.65%, while the 08250 zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Tuckahoe 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 Tuckahoe Tax Rate
1.65%
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 Tuckahoe, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08250 | 1.62% | 1.65% | 1.65% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Tuckahoe, New Jersey
In Tuckahoe, 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 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 Tuckahoe, 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. For instance, the zip code 08250 has the highest median tax bill at $4,176. 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 Tuckahoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tuckahoe Assessed Value
$252,749
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 Tuckahoe, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08250 | $214,606 | $221,970 | $252,749 | $308,572 | $379,258 |
Source: Ownwell
Property Tax Bills Across Tuckahoe, New Jersey
In Tuckahoe, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Cape May County. The assessed value is determined by local assessors who evaluate the property's market value and apply an assessment ratio to reach the taxable value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the home. For homeowners in Tuckahoe, the median home price stands at $252,749. Property tax bills vary significantly, with the 25th percentile at $3,668 and the 75th percentile at $5,099, indicating a wide range of tax burdens based on property values and other factors. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Homeowners in Tuckahoe should be aware of these factors as they can significantly affect their annual expenses.
Average Tuckahoe Tax Bill
$4,176
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 Tuckahoe, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08250 | $3,546 | $3,668 | $4,176 | $5,099 | $6,142 |
Source: Ownwell