Runnemede, New Jersey Property Taxes
The median property tax rate in Runnemede, NJ is 3.33%, 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 Runnemede, the typical annual property tax bill reaches $6,318, exceeding the national median of $2,690. Property taxes in Runnemede 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 Runnemede'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 Runnemede 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
Runnemede, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.33%
Estimate Property Tax Bill
$6,321
Ownwell’s Runnemede Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Runnemede with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Runnemede 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 Runnemede, New Jersey
Property taxes in Runnemede, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Runnemede is 3.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within Runnemede set these rates annually, and they can vary significantly across different neighborhoods. Each year, Runnemede 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 Runnemede's effective property tax rate to other areas in Camden County and the national median. For comparison, the zip code 08078 has the same median property tax rate of 3.33%, illustrating how Runnemede's tax landscape is consistent within its locality. Understanding how these rates compare with Runnemede 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 Runnemede Tax Rate
3.33%
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 Runnemede, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08078 | 3.33% | 3.33% | 3.33% | 3.33% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Runnemede, New Jersey
In Runnemede, 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 Runnemede, 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 Runnemede helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $6,318, specifically in the 08078 zip code.
Average Runnemede Assessed Value
$189,813
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 Runnemede, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08078 | $155,553 | $171,699 | $189,813 | $211,604 | $236,676 |
Source: Ownwell
Property Tax Bills Across Runnemede, New Jersey
In Runnemede, Camden County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to generate the annual tax bill. Several factors influence the assessed value, including the home's market value, size, location, and any improvements made to the property. Homeowners in Runnemede face property tax bills that vary significantly. The median home price in the area is $189,813. Tax bills can range widely, with the 25th percentile at $5,715 and the 75th percentile reaching $7,038. The highest median tax bill in the region is $6,318, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills can have a substantial impact on homeowners, affecting their annual budgets and overall financial planning. Understanding how these taxes are calculated helps homeowners anticipate and manage their expenses more effectively.
Average Runnemede Tax Bill
$6,318
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 Runnemede, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08078 | $5,177 | $5,715 | $6,318 | $7,038 | $7,877 |
Source: Ownwell