Blackwood, New Jersey Property Taxes
The median property tax rate in Blackwood, NJ is 2.83%, 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 Blackwood at $273,039, the typical annual property tax bill reaches $7,733, far exceeding the national median of $2,690. Property taxes in Blackwood are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Blackwood'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 Blackwood or another part of Gloucester County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Blackwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.83%
Estimate Property Tax Bill
$7,727
Ownwell’s Blackwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blackwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blackwood 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 Blackwood, New Jersey
Property taxes in Blackwood, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blackwood is 2.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Blackwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blackwood 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 Blackwood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08012 zip code has the highest median property tax rate of 2.83%, while the same zip code also has the lowest median tax rate of 2.83%. Understanding how these cities compare with Blackwood provides valuable insights into the varying tax landscape across Gloucester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blackwood Tax Rate
2.83%
Average Gloucester County Tax Rate
2.83%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blackwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08012 | 2.83% | 2.83% | 2.83% | 2.83% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Blackwood, New Jersey
In Blackwood, 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 Gloucester 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 Blackwood, 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 Blackwood is $273,039, with tax bills ranging from $6,909 at the 25th percentile to $9,915 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 Blackwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Blackwood Assessed Value
$273,039
Average Gloucester County Assessed Value
$246,529
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blackwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08012 | $201,701 | $243,970 | $273,039 | $305,280 | $350,089 |
Source: Ownwell
Property Tax Bills Across Blackwood, New Jersey
In Blackwood, Gloucester 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 assessor and is intended to reflect the market value of the property. Homeowners in Blackwood face a median property tax rate that is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the median home price in Blackwood is $273,039, and the median tax bill is $7,733. This means homeowners can expect to pay significantly more than the national average. The tax bill for homes in the 25th percentile is around $6,909, while those in the 75th percentile can expect to pay approximately $8,646. At the 90th percentile, the tax bill can reach up to $9,915. These tax rates can significantly impact homeowners, making it essential to understand how these figures are derived and how they affect overall housing costs.
Average Blackwood Tax Bill
$7,733
Average Gloucester County Tax Bill
$7,106
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Blackwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08012 | $5,712 | $6,909 | $7,733 | $8,646 | $9,915 |
Source: Ownwell