Cinnaminson, New Jersey Property Taxes
The median property tax rate in Cinnaminson, NJ is 3.64%, 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 Cinnaminson at $227,600, the typical annual property tax bill reaches $8,272, far exceeding the national median of $2,690. Property taxes in Cinnaminson 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 Cinnaminson'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 Cinnaminson 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
Cinnaminson, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.64%
Estimate Property Tax Bill
$8,285
Ownwell’s Cinnaminson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cinnaminson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cinnaminson 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 Cinnaminson, New Jersey
Property taxes in Cinnaminson, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cinnaminson is 3.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cinnaminson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cinnaminson 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 Cinnaminson's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08077 zip code has the highest median property tax rate of 3.64%, while the same zip code also has the lowest median tax rate of 3.64%. Understanding how these cities compare with Cinnaminson 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 Cinnaminson Tax Rate
3.64%
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 Cinnaminson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08077 | 3.64% | 3.64% | 3.64% | 3.64% | 3.64% |
Source: Ownwell
Property Tax Assessment Values Across Cinnaminson, New Jersey
In Cinnaminson, 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 Cinnaminson, 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 Cinnaminson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cinnaminson is $227,600, with the highest median tax bill recorded at $8,272 in the 08077 zip code.
Property Tax Assessment Values Across Cinnaminson, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Average Cinnaminson Assessed Value
$227,600
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 Cinnaminson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08077 | $137,400 | $192,100 | $227,600 | $267,125 | $324,400 |
Source: Ownwell
Property Tax Bills Across Cinnaminson, New Jersey
In Cinnaminson, located in Burlington County, 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 intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Cinnaminson, the median home price is $227,600. Property tax bills can vary significantly, with the 25th percentile at $6,985 and the 75th percentile reaching $9,715. At the 90th percentile, homeowners may see bills as high as $11,795. The highest and lowest median tax bills in the area are both $8,272, associated with the zip code 08077. These property taxes fund essential local services such as public schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Cinnaminson homeowners experience higher property tax rates, which can impact overall affordability and cost of living.
Average Cinnaminson Tax Bill
$8,272
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 Cinnaminson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08077 | $4,996 | $6,985 | $8,272 | $9,715 | $11,795 |
Source: Ownwell