Carneys Point, New Jersey Property Taxes
The median property tax rate in Carneys Point, NJ is 3.35%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Carneys Point at $138,900, the typical annual property tax bill reaches $4,720, surpassing the national median of $2,690. Property taxes in Carneys Point 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 Carneys Point'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 Carneys Point 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
Carneys Point, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.35%
Estimate Property Tax Bill
$4,653
Ownwell’s Carneys Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carneys Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carneys Point 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 Carneys Point, New Jersey
Property taxes in Carneys Point, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carneys Point is 3.35%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Carneys Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carneys Point 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 Carneys Point's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08069 zip code has the highest median property tax rate of 3.35%, while the 08069 zip code also has the lowest median tax rate of 3.35%. Understanding how these cities compare with Carneys Point provides valuable insights into the varying tax landscape across Salem County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carneys Point Tax Rate
3.35%
Average Salem County Tax Rate
3.71%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carneys Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | 3.20% | 3.33% | 3.35% | 3.35% | 3.35% |
Source: Ownwell
Property Tax Assessment Values Across Carneys Point, New Jersey
In Carneys Point, 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 Salem 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 Carneys Point, 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 Carneys Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08069 has the highest and lowest median tax bill at $4,720.
Property Tax Assessment Values Across Carneys Point, New Jersey
Source: Ownwell
$55,800
$161,300
$266,800
Average Carneys Point Assessed Value
$138,900
Average Salem County Assessed Value
$154,700
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carneys Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | $31,960 | $119,500 | $138,900 | $152,875 | $201,570 |
Source: Ownwell
Property Tax Bills Across Carneys Point, New Jersey
In Carneys Point, 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 local tax assessors and is a percentage of the property's market value. Homeowners in Carneys Point experience property tax bills that can vary significantly. For instance, the tax bill at the 25th percentile is $3,607, while at the 75th percentile, it rises to $5,190. At the 90th percentile, it can reach up to $6,120. These tax bills are influenced by factors such as property size, location, and improvements made to the home. The median home price in Carneys Point is $138,900, which plays a crucial role in determining the tax owed. Compared to the national median property tax rate of 0.99%, Carneys Point homeowners face relatively high property taxes, impacting their annual expenses and potentially affecting their financial planning and homeownership decisions.
Average Carneys Point Tax Bill
$4,720
Average Salem County Tax Bill
$5,715
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Carneys Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | $1,375 | $3,607 | $4,720 | $5,190 | $6,120 |
Source: Ownwell