Bellmawr, New Jersey Property Taxes
The median property tax rate in Bellmawr, NJ is 3.38%, 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 Bellmawr at $186,039, the typical annual property tax bill reaches $6,279, far exceeding the national median of $2,690. Property taxes in Bellmawr 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 Bellmawr'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 Bellmawr 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
Bellmawr, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.38%
Estimate Property Tax Bill
$6,288
Ownwell’s BELLMAWR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BELLMAWR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BELLMAWR 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 Bellmawr, New Jersey
Property taxes in Bellmawr, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bellmawr is 3.38%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Bellmawr set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bellmawr 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 Bellmawr's effective property tax rate to other areas in Camden County and the national median. For comparison, the 08031 zip code has the highest median property tax rate of 3.38%, while the 08099 zip code has the lowest median tax rate of 3.01%. Understanding how these areas compare with Bellmawr provides valuable insights into the varying tax landscape across Camden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bellmawr Tax Rate
3.38%
Average Camden County Tax Rate
3.17%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bellmawr, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08031 | 3.38% | 3.38% | 3.38% | 3.38% | 3.38% |
| 08099 | 3.01% | 3.01% | 3.01% | 3.01% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Bellmawr, New Jersey
In Bellmawr, 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 Camden 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. For instance, Bellmawr's median home price is $186,039, with tax bills ranging significantly. The zip code 08099 has the highest median tax bill at $7,880, while the lowest median tax bill in zip code 08031 is $6,279. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bellmawr Assessed Value
$186,039
Average Camden County Assessed Value
$216,803
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bellmawr, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08031 | $145,542 | $167,804 | $186,039 | $207,742 | $232,129 |
| 08099 | $261,993 | $261,993 | $261,993 | $261,993 | $261,993 |
Source: Ownwell
Property Tax Bills Across Bellmawr, New Jersey
In Bellmawr, Camden 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 local tax assessors who evaluate the market value of the property. This value is then multiplied by the tax rate set by local taxing authorities to determine the annual tax bill. Several factors influence this calculation, including the property's location, size, and any improvements made. For instance, homes in zip code 08099 have the highest median tax bill at $7,880, while those in zip code 08031 have the lowest at $6,279. The median home price in Bellmawr is $186,039, with tax bills ranging from $5,664 at the 25th percentile to $7,843 at the 90th percentile. These property taxes significantly impact homeowners, often constituting a substantial portion of their annual expenses. Compared to the national median property tax rate of 0.99%, Bellmawr's rates are notably higher, reflecting the region's local economic conditions and public service funding needs.
Average Bellmawr Tax Bill
$6,279
Average Camden County Tax Bill
$7,089
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bellmawr, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08031 | $4,913 | $5,664 | $6,279 | $7,013 | $7,837 |
| 08099 | $7,880 | $7,880 | $7,880 | $7,880 | $7,880 |
Source: Ownwell