Fortescue, New Jersey Property Taxes
The median property tax rate in Fortescue, NJ is 2.76%, 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 Fortescue, the typical annual property tax bill reaches $3,272, exceeding the national median of $2,690. Property taxes in Fortescue 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 Fortescue'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 Fortescue 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
Fortescue, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.76%
Estimate Property Tax Bill
$3,267
Ownwell’s Fortescue Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fortescue with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fortescue 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 Fortescue, New Jersey
Property taxes in Fortescue, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fortescue is 2.76%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Fortescue set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fortescue 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 Fortescue's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08321 zip code has both the highest and lowest median property tax rate of 2.76%. Understanding how these areas compare with Fortescue 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 Fortescue Tax Rate
2.76%
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 Fortescue, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08321 | 2.76% | 2.76% | 2.76% | 2.76% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Fortescue, New Jersey
In Fortescue, 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 Fortescue, 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. Fortescue has a median home price of $118,352 with tax bills ranging from $2,547 at the 25th percentile to $6,643 at the 90th percentile. The zip code 08321 has both the highest and lowest median tax bill, which is $3,272. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fortescue Assessed Value
$118,352
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 Fortescue, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08321 | $63,552 | $92,142 | $118,352 | $172,534 | $240,319 |
Source: Ownwell
Property Tax Bills Across Fortescue, New Jersey
In Fortescue, 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 county assessor and reflects the market value of the property. Homeowners in Fortescue face a median property tax rate that results in varied tax bills. For instance, the tax bill at the 25th percentile is $2,547, while at the 75th percentile, it rises to $4,770. At the 90th percentile, homeowners can expect to pay around $6,643. These tax bills are influenced by multiple factors, including property size, location, and any improvements made to the home. With a median home price of $118,352 in Fortescue, the property tax burden can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. This higher tax rate can strain household budgets but also contributes to funding essential local services like schools, emergency services, and infrastructure development.
Average Fortescue Tax Bill
$3,272
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 Fortescue, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08321 | $1,757 | $2,547 | $3,272 | $4,770 | $6,643 |
Source: Ownwell