Mantua, New Jersey Property Taxes
The median property tax rate in Mantua, NJ is 2.64%, 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 Mantua, the typical annual property tax bill reaches $6,211, exceeding the national median of $2,690. Property taxes in Mantua 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 Mantua'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 Mantua 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
Mantua, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.64%
Estimate Property Tax Bill
$6,211
Ownwell’s Mantua Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mantua with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mantua 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 Mantua, New Jersey
Property taxes in Mantua, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mantua is 2.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mantua set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mantua 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 Mantua's effective property tax rate to other areas in Gloucester County and the national median. For comparison, the zip code 08051 has both the highest and lowest median property tax rate of 2.64%. Understanding how these areas compare with Mantua 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 Mantua Tax Rate
2.64%
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 Mantua, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08051 | 2.64% | 2.64% | 2.64% | 2.64% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Mantua, New Jersey
In Mantua, 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 Assessor 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 Mantua, 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 Mantua helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mantua is $6,211 in the 08051 zip code, while the lowest is also $6,211 in the same zip code.
Average Mantua Assessed Value
$235,258
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 Mantua, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08051 | $152,552 | $191,319 | $235,258 | $305,105 | $395,379 |
Source: Ownwell
Property Tax Bills Across Mantua, New Jersey
In Mantua, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in Gloucester County, where Mantua is located, face a property tax rate that significantly impacts their annual tax bills. The median home price in Mantua stands at $235,258, with tax bills varying widely across different percentiles. For instance, the 25th percentile tax bill is $5,059, while the 75th percentile tax bill reaches $8,055. At the 90th percentile, homeowners can expect to pay around $10,421. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Mantua's higher tax rates place a considerable financial burden on homeowners, making it crucial for them to understand how their tax bills are calculated and explore potential exemptions or appeals.
Average Mantua Tax Bill
$6,211
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 Mantua, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08051 | $4,031 | $5,059 | $6,211 | $8,055 | $10,421 |
Source: Ownwell