Cedar Brook, New Jersey Property Taxes
The median property tax rate in Cedar Brook, NJ is 2.95%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Cedar Brook at $231,602, the typical annual property tax bill reaches $6,827, far exceeding the national median of $2,690. Property taxes in Cedar Brook are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cedar Brook'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 Cedar Brook 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
Cedar Brook, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.95%
Estimate Property Tax Bill
$6,832
$6,340
Ownwell’s Cedar Brook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Brook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Brook 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 Camden County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cedar Brook, New Jersey
Property taxes in Cedar Brook, 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 Cedar Brook is 2.95%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Cedar Brook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Brook 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 Cedar Brook's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08018 has the highest median property tax rate of 2.95%, while the same zip code also has the lowest median tax rate of 2.95%. Understanding how these areas compare with Cedar Brook 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 Cedar Brook Tax Rate
2.95%
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 Cedar Brook, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08018 | 2.95% | 2.95% | 2.95% | 2.95% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Brook, New Jersey
In Cedar Brook, 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 Cedar Brook, 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 Cedar Brook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cedar Brook is $6,827 in the 08018 zip code, which is also the lowest median tax bill in the area.
Average Cedar Brook Assessed Value
$231,602
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 Cedar Brook, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08018 | $133,806 | $153,306 | $231,602 | $383,296 | $407,398 |
Source: Ownwell
Property Tax Bills Across Cedar Brook, New Jersey
In Cedar Brook, Camden County, NJ, property tax bills are calculated by multiplying the assessed value of the property by the local tax rate. The assessed value is determined by the local tax assessor and is based on factors such as the property's location, size, and condition. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $231,602, homeowners in Cedar Brook can expect varying tax bills. The tax bill for the 25th percentile is $4,519, while those in the 75th percentile face a tax bill of $11,298. At the 90th percentile, the tax bill rises to $12,009. The highest and lowest median tax bills in the area are both $6,827, corresponding to the zip code 08018. These property tax bills can significantly impact homeowners, influencing their overall cost of living and potentially affecting decisions related to buying or selling property in the area.
Average Cedar Brook Tax Bill
$6,827
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 Cedar Brook, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08018 | $3,944 | $4,519 | $6,827 | $11,298 | $12,009 |
Source: Ownwell