Stone Harbor, New Jersey Property Taxes
The median property tax rate in Stone Harbor, NJ is 0.49%, 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 Stone Harbor at $1,857,100, the typical annual property tax bill reaches $9,934, far exceeding the national median of $2,690. Property taxes in Stone Harbor 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 Stone Harbor'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 Stone Harbor 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
Stone Harbor, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$9,100
Ownwell’s Stone Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stone Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stone Harbor 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 Stone Harbor, New Jersey
Property taxes in Stone Harbor, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stone Harbor is 0.49%, which is lower than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Stone Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stone Harbor 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 Stone Harbor's effective property tax rate to other areas in Cape May County and the national median. For comparison, the highest and lowest median property tax rates in Stone Harbor are both 0.49%, reflecting a consistent rate across the area. Understanding how these figures compare with Stone Harbor 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 Stone Harbor Tax Rate
0.49%
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 Stone Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08247 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Stone Harbor, New Jersey
In Stone Harbor, 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 Assessor's Office 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 Stone Harbor, 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. The median home price in Stone Harbor is $1,857,100, with tax bills ranging from $5,150 at the 25th percentile to $21,939 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 08247, with a median tax bill of $9,934. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Stone Harbor, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Stone Harbor Assessed Value
$1,857,100
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 Stone Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08247 | $632,993 | $930,877 | $1,857,100 | $3,196,488 | $4,466,452 |
Source: Ownwell
Property Tax Bills Across Stone Harbor, New Jersey
In Stone Harbor, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value is a percentage of the market value of the home. For instance, with a median home price of $1,857,100, the tax bill can vary widely. Homeowners in the 25th percentile can expect a tax bill around $5,150, while those in the 75th percentile may see a bill closer to $15,824. The top 10% of homeowners could face tax bills as high as $21,939. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Stone Harbor's rates can be significantly higher, impacting homeowners' annual expenses. Homeowners should be aware of these factors to better manage their financial planning and potential tax appeals.
Average Stone Harbor Tax Bill
$9,934
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 Stone Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08247 | $3,286 | $5,150 | $9,934 | $15,824 | $21,939 |
Source: Ownwell