Brooklawn, New Jersey Property Taxes
The median property tax rate in Brooklawn, NJ is 3.28%, 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 Brooklawn at $130,085, the typical annual property tax bill reaches $4,266, exceeding the national median of $2,690. Property taxes in Brooklawn 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 Brooklawn'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 Brooklawn 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
Brooklawn, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.28%
Estimate Property Tax Bill
$4,267
Ownwell’s BROOKLAWN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BROOKLAWN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BROOKLAWN 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 Brooklawn, New Jersey
Property taxes in Brooklawn, 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 Brooklawn is 3.28%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Brooklawn set these rates annually, and they can vary across different neighborhoods. Each year, Brooklawn 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 Brooklawn's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08030 has the highest median property tax rate of 3.28%, while the same zip code also has the lowest median tax rate of 3.28%. Understanding how these cities compare with Brooklawn 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 Brooklawn Tax Rate
3.28%
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 Brooklawn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08030 | 3.28% | 3.28% | 3.28% | 3.28% | 3.28% |
Source: Ownwell
Property Tax Assessment Values Across Brooklawn, New Jersey
In Brooklawn, 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. In Brooklawn, 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 Brooklawn is $130,085, with tax bills varying widely. The 25th percentile tax bill is $3,730, while the 75th percentile tax bill is $5,069. The highest median tax bill is $4,266 in zip code 08030, which is also the lowest. 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 Brooklawn Assessed Value
$130,085
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 Brooklawn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08030 | $101,331 | $113,730 | $130,085 | $154,570 | $177,636 |
Source: Ownwell
Property Tax Bills Across Brooklawn, New Jersey
In Brooklawn, located in 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 the local tax assessor and is meant to reflect the market value of the property. Homeowners in Brooklawn face a median home price of $130,085, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Brooklawn is $3,730, while the 75th percentile reaches $5,069, and the 90th percentile climbs to $5,826. These variations reflect differences in property values and assessments across the city. The impact on homeowners can be significant, as property taxes are a substantial annual expense. Comparing these figures to the national median property tax rate of 0.99%, Brooklawn’s tax bills are considerably higher, emphasizing the importance of accurate assessments and potential appeals for homeowners looking to manage their expenses.
Average Brooklawn Tax Bill
$4,266
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 Brooklawn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08030 | $3,323 | $3,730 | $4,266 | $5,069 | $5,826 |
Source: Ownwell