Franklinville, New Jersey Property Taxes
The median property tax rate in Franklinville, NJ is 2.81%, 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 Franklinville at $237,374, the typical annual property tax bill reaches $6,663, exceeding the national median of $2,690. Property taxes in Franklinville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Franklinville'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 Franklinville 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
Franklinville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.81%
Estimate Property Tax Bill
$6,670
Ownwell’s Franklinville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Franklinville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklinville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Gloucester County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Franklinville, New Jersey
Property taxes in Franklinville, 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 Franklinville is 2.81%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Franklinville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklinville 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 Franklinville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08322 has both the highest and lowest median property tax rate of 2.81%. Understanding how these areas compare with Franklinville 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 Franklinville Tax Rate
2.81%
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 Franklinville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08322 | 2.77% | 2.77% | 2.81% | 2.81% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Franklinville, New Jersey
In Franklinville, 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 Franklinville, 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 Franklinville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Franklinville is $237,374, with the highest and lowest median tax bills both at $6,663 in the 08322 zip code.
Property Tax Assessment Values Across Franklinville, New Jersey
Source: Ownwell
$118,344
$296,046
$473,747
Average Franklinville Assessed Value
$237,374
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 Franklinville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08322 | $145,268 | $186,769 | $237,374 | $316,321 | $404,905 |
Source: Ownwell
Property Tax Bills Across Franklinville, New Jersey
In Franklinville, 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's office and is meant to reflect the market value of the property. Homeowners in Franklinville can expect their tax bills to vary significantly, with the 25th percentile tax bill at $5,225 and the 90th percentile reaching $11,328. Several factors influence these tax bills, including property size, location, and any improvements made to the home. The local tax rate applied to the assessed value determines the final bill. For instance, the median home price in Franklinville is $237,374, and the median tax bill stands at $6,663, significantly higher than the national median property tax rate of 0.99%. This high tax rate can have substantial financial implications for homeowners, impacting their monthly budgets and overall financial planning. Understanding these factors is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Franklinville Tax Bill
$6,663
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 Franklinville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08322 | $4,075 | $5,225 | $6,663 | $8,850 | $11,328 |
Source: Ownwell