Margate City, New Jersey Property Taxes
The median property tax rate in Margate City, NJ is 1.58%, considerably higher than the national median of 0.99% but lower than the New Jersey state median of 2.82%. With a median home value of $425,600 in Margate City, the typical annual property tax bill reaches $6,708, significantly surpassing the national median of $2,690. Property taxes in Margate City 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 Margate City'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 Margate City 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
Margate City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$6,724
$6,240
Ownwell’s Margate City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Margate City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Margate City 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 Margate City, New Jersey
Property taxes in Margate City, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Margate City is 1.58%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Margate City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Margate City 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 Margate City's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08402 has both the highest and lowest median property tax rate of 1.58%. Understanding how these cities compare with Margate City 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 Margate City Tax Rate
1.58%
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 Margate City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08402 | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Margate City, New Jersey
In Margate City, 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 Margate City, 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 Margate City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the 08402 zip code is $6,708.
Property Tax Assessment Values Across Margate City, New Jersey
Source: Ownwell
$93,600
$351,800
$610,000
Average Margate City Assessed Value
$425,600
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 Margate City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08402 | $208,900 | $324,400 | $425,600 | $619,200 | $1,050,000 |
Source: Ownwell
Property Tax Bills Across Margate City, New Jersey
In Margate City, located in Atlantic County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $425,600, which serves as a baseline for many assessments. Tax authorities determine the assessed value by evaluating the property's market value and applying a specific assessment ratio. This assessed value is then multiplied by the local property tax rate to calculate the tax bill. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in local tax rates. For homeowners in Margate City, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $5,101, while the 75th percentile reaches $9,763, and the 90th percentile skyrockets to $16,560. The highest and lowest median tax bills in the city are both $6,708, reflecting the consistency within the zip code 08402. These property taxes directly impact homeowners by affecting their annual expenses and potentially influencing their decisions on property investments.
Average Margate City Tax Bill
$6,708
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 Margate City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08402 | $3,295 | $5,101 | $6,708 | $9,763 | $16,560 |
Source: Ownwell