Galloway, New Jersey Property Taxes
The median property tax rate in Galloway, NJ is 3.21%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Galloway at $159,600, the typical annual property tax bill reaches $5,134, far exceeding the national median of $2,690. Property taxes in Galloway 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 Galloway'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 Galloway 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
Galloway, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.21%
Estimate Property Tax Bill
$5,123
Ownwell’s Galloway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galloway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galloway 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 Galloway, New Jersey
Property taxes in Galloway, 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 Galloway is 3.21%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Galloway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galloway 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 Galloway's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08205 in Galloway has the highest median property tax rate of 3.21%, while the same zip code also records the lowest median tax rate of 3.21%. Understanding how these figures compare with Galloway provides valuable insights into the varying tax landscape across Atlantic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galloway Tax Rate
3.21%
Average Atlantic County Tax Rate
3.23%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galloway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08205 | 3.21% | 3.21% | 3.21% | 3.21% | 3.21% |
Source: Ownwell
Property Tax Assessment Values Across Galloway, New Jersey
In Galloway, 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 Atlantic 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 Galloway, 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 Galloway is $159,600, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $2,906, while the 75th percentile reaches $6,711, and the 90th percentile is $8,224. The zip code with the highest and lowest median tax bill is 08205, both at $5,134. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Galloway Assessed Value
$159,600
Average Atlantic County Assessed Value
$186,700
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galloway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08205 | $60,100 | $90,000 | $159,600 | $209,000 | $256,100 |
Source: Ownwell
Property Tax Bills Across Galloway, New Jersey
In Galloway, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. Homeowners in Galloway, located in Atlantic County, can expect their property taxes to be significantly higher than the national median property tax rate of 0.99%. The median home price in Galloway is $159,600, and property tax bills vary widely. For instance, at the 25th percentile, the tax bill is around $2,906, while at the 75th percentile, it rises to $6,711. At the 90th percentile, homeowners can see tax bills as high as $8,224. The highest and lowest median tax bills in the area are both recorded at $5,134, specifically in the 08205 zip code. Factors that influence these tax bills include the property's assessed value, local government budgets, and specific tax rates set by the county. High property taxes can significantly impact homeowners, affecting their overall cost of living and potentially influencing decisions on homeownership and property investments.
Average Galloway Tax Bill
$5,134
Average Atlantic County Tax Bill
$5,716
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Galloway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08205 | $1,962 | $2,906 | $5,134 | $6,711 | $8,224 |
Source: Ownwell