Sea Isle City, New Jersey Property Taxes
The median property tax rate in Sea Isle City, NJ is 0.51%, considerably lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Sea Isle City at $1,057,514, the typical annual property tax bill reaches $5,420, which exceeds the national median of $2,690. Property taxes in Sea Isle City 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 Sea Isle City'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 Sea Isle City 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
Sea Isle City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$5,393
Ownwell’s Sea Isle City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sea Isle City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sea Isle City 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 Sea Isle City, New Jersey
Property taxes in Sea Isle City, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sea Isle City is 0.51%, which is lower than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Sea Isle City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sea Isle City 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 Sea Isle City's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08243 zip code has both the highest and the lowest median property tax rate of 0.51%. Understanding how these cities compare with Sea Isle City 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 Sea Isle City Tax Rate
0.51%
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 Sea Isle City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08243 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Sea Isle City, New Jersey
In Sea Isle City, 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 Sea Isle City, 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 Sea Isle City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $5,420, found in the zip code 08243.
Property Tax Assessment Values Across Sea Isle City, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Sea Isle City Assessed Value
$1,057,514
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 Sea Isle City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08243 | $561,004 | $773,936 | $1,057,514 | $1,311,171 | $1,831,882 |
Source: Ownwell
Property Tax Bills Across Sea Isle City, New Jersey
In Sea Isle City, located in Cape May County, 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’s office and is a percentage of the market value of the property. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and any improvements or renovations made. For instance, the median home price in Sea Isle City is $1,057,514, leading to a range of tax bills. Homeowners in the 25th percentile pay around $3,961, while those in the 75th percentile face bills of approximately $6,724. At the 90th percentile, tax bills can reach up to $9,430. These property taxes significantly impact homeowners, as they contribute to essential public services like schools, infrastructure, and emergency services. Comparing to the national median property tax rate of 0.99%, Sea Isle City's tax rates reflect the region's higher property values and the corresponding need for local revenue.
Average Sea Isle City Tax Bill
$5,420
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 Sea Isle City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08243 | $2,876 | $3,961 | $5,420 | $6,724 | $9,430 |
Source: Ownwell