Edgewater Park, New Jersey Property Taxes
The median property tax rate in Edgewater Park, NJ is 3.42%, 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 Edgewater Park, the typical annual property tax bill reaches $6,589, exceeding the national median of $2,690. Property taxes in Edgewater Park 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 Edgewater Park'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 Edgewater Park 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
Edgewater Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.42%
Estimate Property Tax Bill
$6,587
$6,112
Ownwell’s Edgewater Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgewater Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgewater Park 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 Edgewater Park, New Jersey
Property taxes in Edgewater Park, 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 Edgewater Park is 3.42%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Edgewater Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgewater Park 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 Edgewater Park's effective property tax rate to other areas in Burlington County and the national median. For comparison, the 08010 zip code has the highest median property tax rate of 3.42%, while the 08010 zip code also has the lowest median tax rate of 3.42%. Understanding how these areas compare with Edgewater Park 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 Edgewater Park Tax Rate
3.42%
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 Edgewater Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08010 | 3.42% | 3.42% | 3.42% | 3.42% | 3.42% |
Source: Ownwell
Property Tax Assessment Values Across Edgewater Park, New Jersey
In Edgewater Park, NJ, 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 Edgewater Park, 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 Edgewater Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Edgewater Park are both reported in the 08010 zip code, amounting to $6,589.
Property Tax Assessment Values Across Edgewater Park, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Average Edgewater Park Assessed Value
$192,600
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 Edgewater Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08010 | $160,460 | $169,800 | $192,600 | $204,100 | $219,920 |
Source: Ownwell
Property Tax Bills Across Edgewater Park, New Jersey
In Edgewater Park, Burlington County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $192,600, homeowners in Edgewater Park can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $5,809, while the 75th percentile tax bill is approximately $6,982, and those in the 90th percentile pay about $7,523. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or abatements. These property taxes fund essential public services like schools, emergency services, and infrastructure maintenance, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Edgewater Park's property taxes are relatively high, making it crucial for homeowners to understand their tax obligations and explore potential savings through appeals or exemptions.
Average Edgewater Park Tax Bill
$6,589
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 Edgewater Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08010 | $5,489 | $5,809 | $6,589 | $6,982 | $7,523 |
Source: Ownwell