Fairton, New Jersey Property Taxes
The median property tax rate in Fairton, NJ is 2.63%, 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 Fairton at $332,828, the typical annual property tax bill reaches $8,764, exceeding the national median of $2,690. Property taxes in Fairton 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 Fairton'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 Fairton 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
Fairton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$8,753
Ownwell’s Fairton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fairton with ease. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Fairton to provide an accurate estimate of your property tax bill. This valuable tool offers clarity on potential tax liabilities, ensuring you can plan your finances effectively. For those interested in more detailed insights, including neighborhood-specific trends, further information is available below. Your property’s assessed value, determined by Cumberland County, is crucial for these calculations and may include applicable exemptions.
Property Tax Rates Across Fairton, New Jersey
Property taxes in Fairton, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairton is 2.63%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Fairton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairton 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 Fairton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the highest and lowest median property tax rates in Cumberland County are both found in the zip code 08320, standing at 2.63%. Understanding how these cities compare with Fairton provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairton Tax Rate
2.63%
Average Cumberland County Tax Rate
2.69%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08320 | 2.63% | 2.63% | 2.63% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Fairton, New Jersey
In Fairton, 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 Cumberland 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 Fairton, 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. The median home price in Fairton is $332,828, with tax bills ranging from $7,257 at the 25th percentile to $11,175 at the 90th percentile. 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 Fairton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairton Assessed Value
$332,828
Average Cumberland County Assessed Value
$168,564
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08320 | $241,263 | $275,600 | $332,828 | $390,055 | $424,392 |
Source: Ownwell
Property Tax Bills Across Fairton, New Jersey
In Fairton, Cumberland 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 tax assessor and is intended to reflect the market value of the property. This assessed value is then multiplied by the tax rate set by local government entities to determine the annual tax bill. Homeowners in Fairton can expect a range of property tax bills depending on various factors, including the specific assessed value of their property. The tax bill at the 25th percentile is $7,257, while at the 75th percentile, it rises to $10,271. At the 90th percentile, homeowners might see tax bills as high as $11,175. These property taxes are higher than the national median property tax rate of 0.99%, reflecting the relatively high property values and tax rates in the region. For homeowners, these taxes contribute significantly to the cost of owning property, influencing decisions about buying, selling, or investing in home improvements.
Average Fairton Tax Bill
$8,764
Average Cumberland County Tax Bill
$4,561
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08320 | $6,352 | $7,257 | $8,764 | $10,271 | $11,175 |
Source: Ownwell