Chesterfield, New Jersey Property Taxes
The median property tax rate in Chesterfield, NJ is 3.14%, 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 Chesterfield at $407,200, the typical annual property tax bill reaches $12,800, exceeding the national median of $2,690. Property taxes in Chesterfield 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 Chesterfield'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 Chesterfield 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
Chesterfield, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$12,786
Ownwell’s Chesterfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chesterfield with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Chesterfield to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by Burlington County, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Chesterfield, New Jersey
Property taxes in Chesterfield, 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 Chesterfield stands at 3.14%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Chesterfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chesterfield 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 Chesterfield's effective property tax rate to other areas within Burlington County and the national median. For comparison, the zip code 08515 has the highest median property tax rate of 3.14%, while the same zip code also has the lowest median tax rate of 3.14%. Understanding how these figures compare with Chesterfield 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 Chesterfield Tax Rate
3.14%
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 Chesterfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08515 | 3.14% | 3.14% | 3.14% | 3.14% | 3.14% |
Source: Ownwell
Property Tax Assessment Values Across Chesterfield, New Jersey
In Chesterfield, 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 Chesterfield, 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. Chesterfield's highest and lowest median tax bills are both $12,800, found in the 08515 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Chesterfield, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Average Chesterfield Assessed Value
$407,200
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 Chesterfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08515 | $255,000 | $323,400 | $407,200 | $469,100 | $515,900 |
Source: Ownwell
Property Tax Bills Across Chesterfield, New Jersey
In Chesterfield, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Chesterfield is $407,200. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Chesterfield experience a range of tax bills, with the 25th percentile paying around $10,142 and the 75th percentile paying approximately $14,712 annually. The highest median tax bill recorded is $12,800, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services like schools, infrastructure, and emergency services, directly affecting the quality of life and property values in the community. For homeowners, understanding these factors is crucial for financial planning and managing the overall cost of homeownership.
Average Chesterfield Tax Bill
$12,800
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 Chesterfield, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08515 | $7,950 | $10,142 | $12,800 | $14,712 | $16,206 |
Source: Ownwell