Wildwood, New Jersey Property Taxes
The median property tax rate in Wildwood, NJ is 1.07%, notably higher than the national median of 0.99% but significantly lower than New Jersey's state median of 2.82%. With the median home value in Wildwood at $399,002, the typical annual property tax bill reaches $5,284, far exceeding the national median of $2,690. Property taxes in Wildwood are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wildwood'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 Wildwood 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
Wildwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$4,269
Ownwell’s Wildwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wildwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wildwood 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 Wildwood, New Jersey
Property taxes in Wildwood, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wildwood is 1.07%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Wildwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wildwood 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 Wildwood's effective property tax rate to other areas in Cape May County and the national median. For comparison, the zip code 08260 has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these figures compare with Wildwood 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 Wildwood Tax Rate
1.07%
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 Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | 1.06% | 1.06% | 1.07% | 1.31% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Wildwood, New Jersey
In Wildwood, 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. In Wildwood, 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 Wildwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The city's median home price stands at $399,002, with annual tax bills ranging from $3,474 at the 25th percentile to $8,451 at the 90th percentile. The zip code with the highest and lowest median tax bill is 08260, where the median tax bill is $5,284.
Average Wildwood Assessed Value
$399,002
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 Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | $184,064 | $269,612 | $399,002 | $562,544 | $718,736 |
Source: Ownwell
Property Tax Bills Across Wildwood, New Jersey
In Wildwood, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is periodically evaluated by the local tax assessor. Several factors influence the final tax bill, including property size, location, and any improvements made to the property. Wildwood homeowners experience a wide range in tax bills, with the 25th percentile paying around $3,474 and the 75th percentile paying up to $6,770. The 90th percentile sees bills as high as $8,451. This variability means that while some homeowners may pay less than the national median property tax rate of 0.99%, others may find their bills significantly higher. The median home price in Wildwood is $399,002, which directly impacts the assessed value and, consequently, the property tax bill. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Wildwood Tax Bill
$5,284
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 Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | $2,122 | $3,474 | $5,284 | $6,770 | $8,451 |
Source: Ownwell