New Gretna, New Jersey Property Taxes
The median property tax rate in New Gretna, NJ is 2.30%, 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 New Gretna, the typical annual property tax bill reaches $4,852, exceeding the national median of $2,690. Property taxes in New Gretna 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 New Gretna'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 New Gretna 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
New Gretna, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$4,854
$4,505
Ownwell’s New Gretna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Gretna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Gretna 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 New Gretna, New Jersey
Property taxes in New Gretna, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Gretna is 2.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Gretna set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Gretna 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 New Gretna's effective property tax rate to other areas in Burlington County and the national median. For comparison, the highest and lowest median property tax rates in Burlington County are both found in New Gretna, at 2.30%. Understanding how these cities compare with New Gretna 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 New Gretna Tax Rate
2.30%
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 New Gretna, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08224 | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across New Gretna, New Jersey
In New Gretna, 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 New Gretna, 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 New Gretna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in New Gretna is $211,050, with tax bills ranging significantly. The 25th percentile tax bill is $3,823, while the 75th percentile tax bill is $5,558, and the 90th percentile tax bill reaches $6,777. The highest and lowest median tax bills in the area are both $4,852, found in zip code 08224.
Average New Gretna Assessed Value
$211,050
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 New Gretna, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08224 | $123,700 | $166,275 | $211,050 | $241,750 | $294,800 |
Source: Ownwell
Property Tax Bills Across New Gretna, New Jersey
In New Gretna, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For homeowners in New Gretna, Burlington County, the median home price is $211,050. The property tax rate in this area leads to a median tax bill of approximately $4,852, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions. Homeowners in the 25th percentile can expect to pay around $3,823, while those in the 75th percentile might see bills as high as $5,558. For those in the 90th percentile, the tax bill can reach up to $6,777. These figures highlight the financial impact property taxes can have on homeowners, making it crucial for them to understand how their tax bills are calculated and to explore any available exemptions to reduce their burden.
Average New Gretna Tax Bill
$4,852
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 New Gretna, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08224 | $2,844 | $3,823 | $4,852 | $5,558 | $6,777 |
Source: Ownwell