Newfield, New Jersey Property Taxes
The median property tax rate in Newfield, NJ is 2.50%, 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 Newfield, the typical annual property tax bill reaches $3,603, exceeding the national median of $2,690. Property taxes in Newfield 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 Newfield'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 Newfield 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
Newfield, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$3,601
Ownwell’s Newfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Newfield with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Newfield to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and considers any applicable exemptions.
Property Tax Rates Across Newfield, New Jersey
Property taxes in Newfield, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newfield is 2.50%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Newfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newfield 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 Newfield's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08344 zip code has the highest median property tax rate of 2.50%, while the 08344 zip code also has the lowest median tax rate of 2.50%. Understanding how these areas compare with Newfield 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 Newfield Tax Rate
2.50%
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 Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Newfield, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Newfield, 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 Cumberland County Board of Taxation 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. 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 Newfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $3,603 in the 08344 zip code, offering a point of comparison for residents.
Average Newfield Assessed Value
$144,031
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 Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | $27,719 | $53,363 | $144,031 | $196,984 | $251,935 |
Source: Ownwell
Property Tax Bills Across Newfield, New Jersey
In Newfield, located in Cumberland County, NJ, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's market value, improvements, and local levy rates all play a role in the final calculation. For instance, with a median home price of $144,031, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $1,335, while those in the 75th percentile face around $4,927. At the 90th percentile, tax bills can reach up to $6,302. Compared to the national median property tax rate of 0.99%, Newfield's tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Newfield Tax Bill
$3,603
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 Newfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08344 | $693 | $1,335 | $3,603 | $4,927 | $6,302 |
Source: Ownwell