Laurel Springs, New Jersey Property Taxes
The median property tax rate in Laurel Springs, NJ is 4.54%, 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 Laurel Springs at $190,118, the typical annual property tax bill reaches $8,641, far exceeding the national median of $2,690. Property taxes in Laurel Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Laurel Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Laurel Springs or another part of Camden County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel Springs, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.54%
Estimate Property Tax Bill
$8,631
$8,010
Ownwell’s Laurel Springs Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Laurel Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel Springs 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 Laurel Springs, New Jersey
Property taxes in Laurel Springs, 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 Laurel Springs stands at 4.54%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Laurel Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel Springs 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 Laurel Springs' effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08021 has the highest median property tax rate of 4.54%, while the same zip code also has the lowest median tax rate of 4.54%. Understanding how these cities compare with Laurel Springs 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 Laurel Springs Tax Rate
4.54%
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 Laurel Springs, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08021 | 4.54% | 4.54% | 4.54% | 4.54% | 4.54% |
Source: Ownwell
Property Tax Assessment Values Across Laurel Springs, New Jersey
In Laurel Springs, 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 Laurel Springs, 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 Laurel Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Laurel Springs is $190,118, with tax bills ranging from $7,504 at the 25th percentile to $11,205 at the 90th percentile. The zip code 08021 has both the highest and lowest median tax bill of $8,641.
Property Tax Assessment Values Across Laurel Springs, New Jersey
Source: Ownwell
$54,570
$257,531
$460,492
Average Laurel Springs Assessed Value
$190,118
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 Laurel Springs, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08021 | $147,087 | $165,351 | $190,118 | $217,494 | $248,820 |
Source: Ownwell
Property Tax Bills Across Laurel Springs, New Jersey
In Laurel Springs, Camden County, NJ, property tax bills are determined based on the assessed value of the property and the local tax rate. Homeowners in this region experience a significant tax burden compared to the national median property tax rate of 0.99%. The median home price in Laurel Springs is $190,118, and the property tax rate is notably higher than the national average. Property tax bills can vary widely within the area. For example, the 25th percentile tax bill is around $7,504, while the 75th percentile reaches up to $9,853. At the 90th percentile, homeowners might see tax bills as high as $11,205. These figures highlight the substantial impact property taxes can have on homeowners' finances. Several factors influence the tax bill, including the market value of the property, the local tax rate, and any applicable exemptions. The highest median tax bill in Camden County, recorded at $8,641 in the 08021 zip code, underscores the variability and potential financial strain on property owners. Understanding these elements is crucial for homeowners to manage their expenses effectively.
Average Laurel Springs Tax Bill
$8,641
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 Laurel Springs, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08021 | $6,639 | $7,504 | $8,641 | $9,853 | $11,205 |
Source: Ownwell