Somers Point, New Jersey Property Taxes
The median property tax rate in Somers Point, NJ is 3.34%, 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 Somers Point, the typical annual property tax bill reaches $6,475, exceeding the national median of $2,690. Property taxes in Somers 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 Somers 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 Somers 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
Somers Point, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.34%
Estimate Property Tax Bill
$6,506
$6,038
Ownwell’s Somers Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somers Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somers 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 Somers Point, New Jersey
Property taxes in Somers Point, New Jersey, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somers Point is 3.34%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Somers Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somers 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 Somers Point's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08244 zip code has both the highest and lowest median property tax rate of 3.34%. Understanding how these cities compare with Somers Point 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 Somers Point Tax Rate
3.34%
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 Somers Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08244 | 3.34% | 3.34% | 3.34% | 3.34% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Somers Point, New Jersey
In Somers 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 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 Somers 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 Somers Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Somers Point is $194,800, with median tax bills ranging from $5,486 at the 25th percentile to $9,853 at the 90th percentile. The highest and lowest median tax bills are both $6,475 in zip code 08244.
Property Tax Assessment Values Across Somers Point, New Jersey
Source: Ownwell
$93,600
$351,800
$610,000
Average Somers Point Assessed Value
$194,800
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 Somers Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08244 | $139,260 | $164,600 | $194,800 | $229,950 | $295,980 |
Source: Ownwell
Property Tax Bills Across Somers Point, New Jersey
In Somers Point, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county and reflects the market value of the property. Homeowners in Somers Point can expect their tax bills to vary widely. For example, at the 25th percentile, tax bills are around $5,486, while at the 75th percentile, they reach approximately $7,661. At the 90th percentile, homeowners might see tax bills as high as $9,853. The median tax bill in the area is $6,475, which is significantly higher than the national median property tax rate of 0.99%. This high tax burden can affect homeowners by increasing their monthly expenses and impacting their overall cost of living. Factors such as changes in property value, local government budgets, and tax rate adjustments can all influence the final tax bill, making it essential for homeowners to stay informed and proactive in managing their property taxes.
Average Somers Point Tax Bill
$6,475
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 Somers Point, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08244 | $4,630 | $5,486 | $6,475 | $7,661 | $9,853 |
Source: Ownwell