Somerdale, New Jersey Property Taxes
The median property tax rate in Somerdale, NJ is 3.28%, 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 Somerdale at $221,383, the typical annual property tax bill reaches $7,555, far exceeding the national median of $2,690. Property taxes in Somerdale 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 Somerdale'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 Somerdale 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
Somerdale, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.28%
Estimate Property Tax Bill
$7,261
Ownwell’s Somerdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerdale 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 Somerdale, New Jersey
Property taxes in Somerdale, 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 Somerdale is 3.28%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Somerdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerdale 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 Somerdale's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08083 zip code has the highest median property tax rate of 3.28%, while the same zip code also has the lowest median tax rate of 3.28%. Understanding how these cities compare with Somerdale 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 Somerdale Tax Rate
3.28%
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 Somerdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08083 | 3.28% | 3.28% | 3.28% | 3.35% | 3.35% |
Source: Ownwell
Property Tax Assessment Values Across Somerdale, New Jersey
In Somerdale, 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 Somerdale, 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. In Somerdale, the median home price is $221,383, with property tax bills ranging from $6,128 at the 25th percentile to $10,611 at the 90th percentile. The zip code 08083 has both the highest and lowest median tax bill at $7,555. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Somerdale Assessed Value
$221,383
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 Somerdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08083 | $157,357 | $182,115 | $221,383 | $266,178 | $317,778 |
Source: Ownwell
Property Tax Bills Across Somerdale, New Jersey
In Somerdale, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Camden County tax assessor and is intended to reflect the market value of the property. This value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Somerdale is $221,383, and homeowners typically see tax bills ranging from $6,128 at the 25th percentile to $10,611 at the 90th percentile. Several factors influence the tax bill, including property size, location, and any applicable exemptions. High property taxes can significantly impact homeowners' finances, making it crucial to understand how these taxes are calculated. With a median tax bill of $7,555 in the 08083 zip code, Somerdale's rates are considerably higher than the national median property tax rate of 0.99%. This places a substantial financial burden on homeowners, emphasizing the importance of accurate property assessments and potential appeals to ensure fair taxation.
Average Somerdale Tax Bill
$7,555
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 Somerdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08083 | $5,170 | $6,128 | $7,555 | $8,937 | $10,611 |
Source: Ownwell