Cape May, New Jersey Property Taxes
The median property tax rate in Cape May, NJ is 1.30%, considerably higher than the national median of 0.99%, but significantly lower than the New Jersey state median of 2.82%. With the median home value in Cape May at $436,455, the typical annual property tax bill reaches $4,756, exceeding the national median of $2,690. Property taxes in Cape May 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 Cape May'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 Cape May 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
Cape May, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$5,674
$5,265
Ownwell’s Cape May Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cape May with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape May to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For a deeper dive into neighborhood trends, scroll down to discover more localized information. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Cape May, New Jersey
Property taxes in Cape May, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape May is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cape May set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape May 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 Cape May's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08204 has both the highest and lowest median property tax rate of 1.30%. Understanding how these cities compare with Cape May provides valuable insights into the varying tax landscape across Cape May County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cape May Tax Rate
1.30%
Average Cape May County Tax Rate
1.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | 0.72% | 0.72% | 1.30% | 1.30% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Cape May, New Jersey
In Cape May, 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 local 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 Cape May, 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 Cape May helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cape May is $436,455, with tax bills ranging from the 25th percentile at $3,624 to the 90th percentile at $9,748. The highest and lowest median tax bills are both $4,756 in the 08204 zip code.
Average Cape May Assessed Value
$436,455
Average Cape May County Assessed Value
$477,646
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | $240,982 | $292,249 | $436,455 | $738,143 | $1,154,588 |
Source: Ownwell
Property Tax Bills Across Cape May, New Jersey
In Cape May, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and is intended to reflect the property's market value. Homeowners in Cape May face a median property tax bill of $4,756, which is significantly higher than the national median property tax rate of 0.99%. Factors such as property location, size, and condition can influence the assessed value, thereby affecting the tax bill. For instance, in Cape May, the tax bill at the 25th percentile is $3,624, while at the 75th percentile, it rises to $6,806. At the 90th percentile, the tax bill can reach up to $9,748. These variations illustrate how different factors can impact the final amount a homeowner is required to pay. High property tax bills can place a considerable financial burden on homeowners, making it essential to understand the assessment process and explore potential exemptions or appeals.
Average Cape May Tax Bill
$4,756
Average Cape May County Tax Bill
$5,051
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | $3,052 | $3,624 | $4,756 | $6,806 | $9,748 |
Source: Ownwell