Cape May Ch, New Jersey Property Taxes
The median property tax rate in Cape May CH, NJ is 1.48%, 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 Cape May CH, the typical annual property tax bill reaches $3,404, exceeding the national median of $2,690. Property taxes in Cape May CH 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 CH'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 CH 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 Ch, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$3,426
Ownwell’s Cape May CH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape May CH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape May CH 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 Cape May Ch, New Jersey
Property taxes in Cape May Court House, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape May Court House is 1.48%, higher than the U.S. national median of 0.99%. Local government entities within Cape May Court House set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape May Court House 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 Court House's effective property tax rate to other areas and the national median. For comparison, the 08210 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these values compare with Cape May Court House 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 Ch Tax Rate
1.48%
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 Ch, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08210 | 1.37% | 1.48% | 1.48% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Cape May Ch, New Jersey
In Cape May Court House, 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 Cape May 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. 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 Court House helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 08210, with a median tax bill of $3,404.
Property Tax Assessment Values Across Cape May Ch, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Cape May Ch Assessed Value
$231,457
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 Ch, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08210 | $203,256 | $212,882 | $231,457 | $287,214 | $322,955 |
Source: Ownwell
Property Tax Bills Across Cape May Ch, New Jersey
In Cape May Court House, NJ, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is periodically evaluated by local assessors. Several factors influence the assessed value, including the property's location, size, age, and condition. Local government services and school funding heavily rely on these tax revenues, making property taxes a significant consideration for homeowners. For instance, the median home price in Cape May Court House is $231,457. Homeowners here face a property tax rate higher than the national median of 0.99%. The tax bill for properties in the 25th percentile is around $3,130, while those in the 75th percentile pay approximately $4,263. At the 90th percentile, the tax bill can reach up to $4,794. This variation in tax bills reflects differences in property values and the local tax rate, impacting the overall cost of homeownership in the area.
Average Cape May Ch Tax Bill
$3,404
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 Ch, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08210 | $2,908 | $3,130 | $3,404 | $4,263 | $4,794 |
Source: Ownwell