North Cape May, New Jersey Property Taxes
The median property tax rate in North Cape May, NJ is 1.30%, 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 North Cape May, the typical annual property tax bill reaches $11,092, far exceeding the national median of $2,690. Property taxes in North 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 North 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 North 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
North 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
$11,072
$10,275
Ownwell’s North Cape May Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Cape May with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Cape May 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 North Cape May, New Jersey
Property taxes in North Cape May, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Cape May is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Cape May set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North Cape May's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08204 has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with North 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 North 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 North Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across North Cape May, New Jersey
In North 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 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 North 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 North Cape May 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 $11,092, both found in the 08204 zip code.
Property Tax Assessment Values Across North Cape May, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average North Cape May Assessed Value
$851,727
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 North Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | $748,458 | $783,730 | $851,727 | $1,097,007 | $1,237,238 |
Source: Ownwell
Property Tax Bills Across North Cape May, New Jersey
In North Cape May, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The property tax rate in Cape May County is applied to this assessed value to calculate the annual tax bill. For homeowners in North Cape May, the median home price is $851,727, leading to substantial tax bills compared to the national median property tax rate of 0.99%. Factors such as property size, location, and market conditions influence the assessed value. For example, tax bills in North Cape May range significantly, with the 25th percentile at $10,207 and the 75th percentile at $14,287. The 90th percentile sees tax bills as high as $16,113. High property tax bills can impact homeowners by increasing the cost of homeownership, potentially affecting affordability and long-term financial planning. Understanding how these taxes are calculated helps homeowners manage their expenses and anticipate future tax liabilities.
Average North Cape May Tax Bill
$11,092
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 North Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | $9,748 | $10,207 | $11,092 | $14,287 | $16,113 |
Source: Ownwell