Magnolia, New Jersey Property Taxes
The median property tax rate in Magnolia, NJ is 3.56%, 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 Magnolia, the typical annual property tax bill reaches $6,963, far exceeding the national median of $2,690. Property taxes in Magnolia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Magnolia'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 Magnolia 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
Magnolia, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.56%
Estimate Property Tax Bill
$7,048
$6,541
Ownwell’s Magnolia Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, New Jersey
Property taxes in Magnolia, 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 Magnolia is 3.56%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08049 has the highest median property tax rate of 3.56%, while the lowest median tax rate is also 3.56% in the same zip code. Understanding how these areas compare with Magnolia 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 Magnolia Tax Rate
3.56%
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 Magnolia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08049 | 3.28% | 3.56% | 3.56% | 3.56% | 3.56% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Magnolia, New Jersey. 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 for tax purposes by local authorities. 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 Magnolia, 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. For instance, the median home price in Magnolia is $197,989, with tax bills ranging significantly. The highest median tax bill is $6,963 in zip code 08049, which is also the lowest median tax bill, highlighting the uniformity in this area. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Magnolia Assessed Value
$197,989
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 Magnolia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08049 | $167,959 | $179,656 | $197,989 | $222,998 | $243,633 |
Source: Ownwell
Property Tax Bills Across Magnolia, New Jersey
In Magnolia, Camden County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For Magnolia, the median home price is $197,989, which serves as a baseline for these calculations. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. Homeowners in Magnolia face a range of tax bills, with the 25th percentile at $6,384 and the 75th percentile at $7,667. For those in the 90th percentile, the tax bill can go up to $8,375. These property taxes fund essential local services such as schools, public safety, and infrastructure. Comparatively, Magnolia's median tax bill of $6,963 is significantly higher than the national median property tax rate of 0.99%, reflecting the region's commitment to maintaining robust public services. This can have a substantial impact on homeowners, influencing both their monthly budgets and the overall affordability of living in the area.
Average Magnolia Tax Bill
$6,963
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 Magnolia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08049 | $5,986 | $6,384 | $6,963 | $7,667 | $8,375 |
Source: Ownwell