Milmay, New Jersey Property Taxes
The median property tax rate in Milmay, NJ is 2.92%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $252,100 in Milmay, the typical annual property tax bill reaches $7,300, far exceeding the national median of $2,690. Property taxes in Milmay are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Milmay's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Milmay or another part of Atlantic County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milmay, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.92%
Estimate Property Tax Bill
$7,361
$6,831
Ownwell’s Milmay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milmay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milmay 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 Milmay, New Jersey
Property taxes in Milmay, New Jersey, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Milmay is 2.92%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Milmay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milmay 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 Milmay's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08340 zip code has the highest median property tax rate of 2.92%, while the same zip code also has the lowest median tax rate of 2.92%. Understanding how these cities compare with Milmay 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 Milmay Tax Rate
2.92%
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 Milmay, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08340 | 2.83% | 2.92% | 2.92% | 2.92% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Milmay, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milmay, New Jersey. 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 Milmay, 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. For instance, the median home price in Milmay is $252,100, with property tax bills ranging from $5,930 at the 25th percentile to $11,357 at the 90th percentile. The highest and lowest median tax bills are both $7,300 in the 08340 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milmay Assessed Value
$252,100
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 Milmay, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08340 | $160,000 | $202,800 | $252,100 | $319,900 | $388,700 |
Source: Ownwell
Property Tax Bills Across Milmay, New Jersey
In Milmay, located in Atlantic County, NJ, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by local tax assessors who evaluate the property’s market value. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the assessed value, including the property’s size, age, condition, and location. Homes in Milmay have a median home price of $252,100, which plays a significant role in determining tax bills. Homeowners in Milmay face property tax bills that can vary widely. For example, the 25th percentile tax bill is around $5,930, while the 75th percentile reaches $9,354, and the 90th percentile can go up to $11,357. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Milmay may find their tax burden higher, affecting overall affordability and long-term financial planning.
Average Milmay Tax Bill
$7,300
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 Milmay, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08340 | $4,540 | $5,930 | $7,300 | $9,354 | $11,357 |
Source: Ownwell