Southampton, New Jersey Property Taxes
The median property tax rate in Southampton, NJ is 3.07%, 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 Southampton at $153,150, the typical annual property tax bill reaches $4,686, exceeding the national median of $2,690. Property taxes in Southampton 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 Southampton'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 Southampton or another part of Burlington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Southampton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.07%
Estimate Property Tax Bill
$4,702
Ownwell’s Southampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southampton 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 Southampton, New Jersey
Property taxes in Southampton, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southampton is 3.07%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Southampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southampton 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 Southampton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08088 zip code has the highest median property tax rate of 3.07%, while the same zip code also has the lowest median tax rate of 3.07%. Understanding how these cities compare with Southampton 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 Southampton Tax Rate
3.07%
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 Southampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08088 | 3.06% | 3.06% | 3.06% | 3.07% | 3.07% |
Source: Ownwell
Property Tax Assessment Values Across Southampton, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Southampton, NJ. 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. 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 Southampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 08088 with a value of $4686, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Southampton, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Average Southampton Assessed Value
$153,150
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 Southampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08088 | $90,900 | $116,300 | $153,150 | $237,250 | $328,550 |
Source: Ownwell
Property Tax Bills Across Southampton, New Jersey
In Southampton, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the municipal assessor and is meant to reflect the market value of the property. Once the property’s assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Southampton, the median home price is $153,150, which serves as a baseline for many assessments. Several factors influence the final tax bill, including property size, location, and any improvements or renovations made. For instance, properties in the 08088 zip code have a median tax bill of $4,686, reflecting both the value and the local tax rate. Homeowners in Southampton can expect tax bills ranging from $3,562 at the 25th percentile to $10,067 at the 90th percentile. These taxes fund essential local services such as schools, public safety, and infrastructure, significantly impacting homeowners' annual expenses.
Average Southampton Tax Bill
$4,686
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 Southampton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08088 | $2,780 | $3,562 | $4,686 | $7,237 | $10,067 |
Source: Ownwell