Mount Ephraim, New Jersey Property Taxes
The median property tax rate in Mount Ephraim, NJ is 3.89%, 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 Mount Ephraim at $196,038, the typical annual property tax bill reaches $7,322, far exceeding the national median of $2,690. Property taxes in Mount Ephraim 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 Mount Ephraim'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 Mount Ephraim 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
Mount Ephraim, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.89%
Estimate Property Tax Bill
$7,626
Ownwell’s Mount Ephraim Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Ephraim with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Ephraim 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 Mount Ephraim, New Jersey
Property taxes in Mount Ephraim, 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 Mount Ephraim is 3.89%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mount Ephraim set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Ephraim 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 Mount Ephraim's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08059 zip code has the highest median property tax rate of 3.89%, while the same zip code also has the lowest median tax rate of 3.89%. Understanding how these cities compare with Mount Ephraim 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 Mount Ephraim Tax Rate
3.89%
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 Mount Ephraim, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08059 | 3.01% | 3.89% | 3.89% | 3.89% | 3.89% |
Source: Ownwell
Property Tax Assessment Values Across Mount Ephraim, New Jersey
In Mount Ephraim, 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 Mount Ephraim, 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 example, the median home price in Mount Ephraim is $196,038, with tax bills ranging from $6,491 at the 25th percentile to $9,312 at the 90th percentile. 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 Mount Ephraim helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mount Ephraim, New Jersey
Source: Ownwell
$54,570
$257,531
$460,492
Average Mount Ephraim Assessed Value
$196,038
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 Mount Ephraim, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08059 | $154,896 | $173,148 | $196,038 | $223,323 | $260,236 |
Source: Ownwell
Property Tax Bills Across Mount Ephraim, New Jersey
In Mount Ephraim, Camden County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Mount Ephraim stands at $196,038, with the median property tax rate significantly higher than the national median of 0.99%. Homeowners in this area can expect tax bills that vary widely; the 25th percentile tax bill is $6,491, while the 75th percentile reaches $8,291, and the 90th percentile climbs to $9,312. Several factors influence the property tax bill, including the home's assessed value, which is determined by local assessors, and the local tax rate set by municipal and county authorities. These taxes fund essential public services such as schools, infrastructure, and emergency services. For homeowners in Mount Ephraim, understanding these factors is crucial, as property taxes represent a significant portion of homeownership costs, impacting overall affordability and financial planning.
Average Mount Ephraim Tax Bill
$7,322
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 Mount Ephraim, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08059 | $5,837 | $6,491 | $7,322 | $8,291 | $9,312 |
Source: Ownwell