Ocean City, Cape May County, New Jersey Property Taxes
Median Ocean City, NJ effective property tax rate: 0.72%, significantly lower than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Ocean City, NJ home value: $749,963
Median annual Ocean City, NJ tax bill: $5,400, $3,000 higher than the national median property tax bill of $2,400.
How are property taxes in Cape May calculated?
Property taxes in Ocean City, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Ocean City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Ocean City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Ocean City, Cape May County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.72%
Estimate Property Tax Bill
$5,400
$5,011
Property Tax Rates Across Ocean City, Cape May County, New Jersey
Local government entities are responsible for setting property tax rates, which can significantly differ within a state. This variation occurs because each county annually estimates its budget needs for services and divides this by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in determining these rates and budgets, this is essentially how the process unfolds each year.
Ocean City in Cape May County, NJ, presents an interesting case for property tax rates. The effective property tax rate here is notably lower than the national median of 1.02%. This lower rate can be appealing to property owners, as it translates into a reduced financial burden compared to other regions. Additionally, the median property tax bill in Ocean City is likely to be more manageable than the national median bill of $2400. By comparing Ocean City’s tax rate to other cities in New Jersey and the national averages, property owners can better understand the financial implications of owning property in this area.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Ocean City Tax Rate
0.72%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Cape May County Tax Rate
1.07%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Ocean City, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08226 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Ocean City, Cape May County, New Jersey
When examining property taxes in Ocean City, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cape May County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Cape May County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Ocean City.
For example, the median home price in Ocean City is $749,963, with tax bills ranging significantly across the county. 08226 has the highest median home price at $749,963.
Property Tax Assessment Values Across Ocean City, Cape May County, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Median Ocean City Market Value
$749,963
Median Cape May County Market Value
$477,646
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Ocean City, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08226 | $349,339 | $531,292 | $749,963 | $1,053,516 | $1,650,364 |
Source: Ownwell
Property Tax Bills Across Ocean City, Cape May County, New Jersey
Median Ocean City Tax Bill
$5,400
Median Cape May County Tax Bill
$5,051
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Ocean City, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08226 | $2,514 | $3,822 | $5,400 | $7,593 | $11,894 |
Source: Ownwell