Marmora, New Jersey Property Taxes
The median property tax rate in Marmora, NJ is 1.61%, 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 Marmora, the typical annual property tax bill reaches $5,045, exceeding the national median of $2,690. Property taxes in Marmora 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 Marmora'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 Marmora 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
Marmora, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$5,082
Ownwell’s Marmora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marmora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marmora 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 Marmora, New Jersey
Property taxes in Marmora, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marmora is 1.61%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Marmora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marmora 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 Marmora's effective property tax rate to other areas in Cape May County and the national median. For comparison, the 08223 zip code has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Marmora 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 Marmora Tax Rate
1.61%
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 Marmora, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08223 | 1.61% | 1.61% | 1.61% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Marmora, New Jersey
In Marmora, 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. In Marmora, 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 Marmora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Marmora’s zip code 08223 has a median tax bill of $5045, which is the highest and lowest in the region, compared to the national median property tax rate of 0.99%.
Average Marmora Assessed Value
$315,664
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 Marmora, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08223 | $95,263 | $175,309 | $315,664 | $398,805 | $517,171 |
Source: Ownwell
Property Tax Bills Across Marmora, New Jersey
In Marmora, located in Cape May County, 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 local assessor and is meant to reflect the market value of the property. Factors such as property size, location, and improvements can influence this value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $315,664, homeowners in Marmora can expect varying tax bills. The 25th percentile tax bill is around $2,817, while the 75th percentile reaches $6,392. At the 90th percentile, tax bills can soar to $8,299. This variation in tax bills affects homeowners differently, with higher-valued properties incurring significantly larger tax obligations. Comparatively, the national median property tax rate is 0.99%, highlighting that Marmora's tax rates can lead to substantial annual expenses for homeowners.
Average Marmora Tax Bill
$5,045
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 Marmora, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08223 | $1,531 | $2,817 | $5,045 | $6,392 | $8,299 |
Source: Ownwell