Wildwood Crest, New Jersey Property Taxes
The median property tax rate in Wildwood Crest, NJ is 1.31%, considerably higher than the national median of 0.99% but significantly lower than the New Jersey state median of 2.82%. With the median home value in Wildwood Crest at $894,858, the typical annual property tax bill reaches $11,683, far exceeding the national median of $2,690. Property taxes in Wildwood Crest 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 Wildwood Crest'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 Crest 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 Crest, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$11,723
Ownwell’s Wildwood Crest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wildwood Crest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wildwood Crest 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 Crest, New Jersey
Property taxes in Wildwood Crest, 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 Crest is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wildwood Crest set these rates annually, and they can vary across different neighborhoods. Each year, Wildwood Crest 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 Crest's effective property tax rate to other regions and the national median. For comparison, the 08260 zip code has the highest median property tax rate of 1.31%, while the same zip code also represents the lowest median tax rate at 1.31%. Understanding how these figures compare with Wildwood Crest 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 Crest Tax Rate
1.31%
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 Crest, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | 1.06% | 1.25% | 1.31% | 1.31% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Wildwood Crest, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wildwood Crest, 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 Wildwood Crest, 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 Crest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 08260 has the highest and lowest median tax bill at $11,683, reflecting the uniformity in property tax assessments within the area.
Property Tax Assessment Values Across Wildwood Crest, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Wildwood Crest Assessed Value
$894,858
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 Crest, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | $455,879 | $625,033 | $894,858 | $895,932 | $899,570 |
Source: Ownwell
Property Tax Bills Across Wildwood Crest, New Jersey
In Wildwood Crest, 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 tax assessor and reflects a percentage of the property's market value. For example, with a median home price of $894,858, the assessed value plays a significant role in determining the tax bill. The local tax rate is applied to this assessed value to calculate the annual tax bill. Homeowners in Wildwood Crest can expect tax bills to vary widely. The 25th percentile tax bill is approximately $7,417, while those in the 75th percentile pay around $11,697. At the 90th percentile, the tax bill reaches about $11,745. These figures indicate that property taxes in Wildwood Crest are notably higher than the national median property tax rate of 0.99%. Such high property taxes can significantly impact homeowners, influencing decisions on buying, selling, and maintaining properties. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Wildwood Crest Tax Bill
$11,683
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 Crest, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | $6,549 | $7,417 | $11,683 | $11,697 | $11,745 |
Source: Ownwell