Moorestown, New Jersey Property Taxes
The median property tax rate in Moorestown, NJ is 2.72%, 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 Moorestown at $372,200, the typical annual property tax bill reaches $10,128, significantly exceeding the national median of $2,690. Property taxes in Moorestown 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 Moorestown'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 Moorestown 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
Moorestown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$10,124
Ownwell’s Moorestown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moorestown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moorestown 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 Moorestown, New Jersey
Property taxes in Moorestown, 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 Moorestown is 2.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Moorestown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moorestown 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 Moorestown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08057 zip code has both the highest and lowest median property tax rate of 2.72%. Understanding how these cities compare with Moorestown 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 Moorestown Tax Rate
2.72%
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 Moorestown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08057 | 2.72% | 2.72% | 2.72% | 2.72% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Moorestown, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Moorestown, New Jersey. 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 Assessor 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 Moorestown, 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. The median home price in Moorestown stands at $372,200, with tax bills ranging widely. For instance, the 25th percentile tax bill is $6,729, while the 75th percentile reaches $16,048. Notably, the highest and lowest median tax bills in the area are both $10,128, located in the 08057 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage their tax burden.
Average Moorestown Assessed Value
$372,200
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 Moorestown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08057 | $162,200 | $245,200 | $372,200 | $591,175 | $784,560 |
Source: Ownwell
Property Tax Bills Across Moorestown, New Jersey
Property tax bills in Moorestown, located in Burlington County, NJ, are calculated based on the assessed value of a property 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 tax bill. In Moorestown, the median home price is $372,200, leading to substantial property tax bills. Homeowners in the 25th percentile can expect to pay around $6,729 annually, while those in the 75th percentile might see bills as high as $16,048. The tax bill for homeowners in the 90th percentile can reach up to $21,329. Notably, the median tax bill in the zip code 08057 stands at $10,128, which is significantly higher than the national median property tax rate of 0.99%. These high property taxes can impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions on buying, selling, or renovating properties.
Average Moorestown Tax Bill
$10,128
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 Moorestown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08057 | $4,400 | $6,729 | $10,128 | $16,048 | $21,329 |
Source: Ownwell