Oaklyn, New Jersey Property Taxes
The median property tax rate in Oaklyn, NJ is 3.75%, 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 Oaklyn, the typical annual property tax bill reaches $7,559, exceeding the national median of $2,690. Property taxes in Oaklyn 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 Oaklyn'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 Oaklyn 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
Oaklyn, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.75%
Estimate Property Tax Bill
$7,650
Ownwell’s Oaklyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oaklyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oaklyn 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 Oaklyn, New Jersey
Property taxes in Oaklyn, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oaklyn is 3.75%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Oaklyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oaklyn 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 Oaklyn's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08107 zip code has the highest median property tax rate of 3.75%, while the lowest median tax rate is also 3.75%. Understanding how these cities compare with Oaklyn 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 Oaklyn Tax Rate
3.75%
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 Oaklyn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08107 | 2.98% | 3.75% | 3.75% | 6.10% | 6.10% |
Source: Ownwell
Property Tax Assessment Values Across Oaklyn, New Jersey
In Oaklyn, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Oaklyn, 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 Oaklyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in Oaklyn is $7,559, consistent across different zip codes.
Average Oaklyn Assessed Value
$203,993
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 Oaklyn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08107 | $73,848 | $112,394 | $203,993 | $254,100 | $309,426 |
Source: Ownwell
Property Tax Bills Across Oaklyn, New Jersey
In Oaklyn, Camden County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For Oaklyn, the median home price is $203,993. Homeowners in this area can expect their property tax bills to vary, with the 25th percentile at $6,035 and the 75th percentile at $8,894. At the higher end, the 90th percentile tax bill reaches $10,324. Several factors influence these calculations, including the market value of the property, local budgetary needs, and the specific tax rate set by the municipality. These property taxes fund essential services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Oaklyn's rates can significantly impact homeowners, making it crucial for them to understand how these taxes are determined and budget accordingly.
Average Oaklyn Tax Bill
$7,559
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 Oaklyn, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08107 | $4,462 | $6,035 | $7,559 | $8,894 | $10,324 |
Source: Ownwell