Burlington, New Jersey Property Taxes
The median property tax rate in Burlington, NJ is 2.97%, 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 Burlington at $205,900, the typical annual property tax bill reaches $6,567, far exceeding the national median of $2,690. Property taxes in Burlington 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 Burlington'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 Burlington 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
Burlington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$6,115
$5,675
Ownwell’s Burlington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burlington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burlington 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 Burlington, New Jersey
Property taxes in Burlington, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burlington is 2.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within Burlington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burlington 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 Burlington's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08016 zip code has the highest median property tax rate of 2.97%, while the same zip code also has the lowest median tax rate of 2.97%. Understanding how these cities compare with Burlington provides valuable insights into the varying tax landscape across Burlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burlington Tax Rate
2.97%
Average Burlington County Tax Rate
3.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burlington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08016 | 2.97% | 2.97% | 2.97% | 4.21% | 4.21% |
Source: Ownwell
Property Tax Assessment Values Across Burlington, New Jersey
In Burlington, 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 Burlington 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 Burlington, 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 Burlington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 08016 has the highest median tax bill at $6,567, which highlights the importance of understanding these concepts for effective tax management.
Average Burlington Assessed Value
$205,900
Average Burlington County Assessed Value
$210,600
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burlington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08016 | $83,300 | $140,100 | $205,900 | $269,100 | $331,250 |
Source: Ownwell
Property Tax Bills Across Burlington, New Jersey
In Burlington, 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 the local tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $205,900, homeowners in Burlington can expect varying tax bills. The 25th percentile tax bill is approximately $5,006, while the 75th percentile tax bill reaches around $8,296. At the 90th percentile, tax bills can soar to $10,061. This significant range in tax bills affects homeowners differently, depending on the value of their property. Higher-valued properties naturally incur higher tax bills, which can impact household budgets and the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Burlington's property tax rates can result in considerably higher tax bills, reflecting the local government's funding needs and property values.
Average Burlington Tax Bill
$6,567
Average Burlington County Tax Bill
$6,846
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Burlington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08016 | $3,394 | $5,006 | $6,567 | $8,296 | $10,061 |
Source: Ownwell