Villas, New Jersey Property Taxes
The median property tax rate in Villas, NJ is 1.30%, notably higher than the national median of 0.99% but significantly lower than New Jersey's state median of 2.82%. With the median home value in Villas at $228,549, the typical annual property tax bill amounts to $3,064, surpassing the national median of $2,690. Property taxes in Villas are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Villas' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Villas 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
Villas, New Jersey Property Tax Bill Calculator
$100,000
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Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,971
$2,757
Ownwell’s Villas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Villas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Villas 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 Villas, New Jersey
Property taxes in Villas, 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 Villas is 1.30%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Villas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Villas 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 Villas' effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08251 has both the highest and lowest median property tax rate of 1.30%. Understanding how these areas compare with Villas 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 Villas 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 Villas, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08251 | 1.30% | 1.30% | 1.30% | 1.30% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Villas, New Jersey
In Villas, 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 Villas, 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. The median home price in Villas is $228,549, with tax bills ranging from $2,532 at the 25th percentile to $5,067 at the 90th percentile. Interestingly, the zip code 08251 holds both the highest and lowest median tax bill values at $3,064. 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 Villas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Villas Assessed Value
$228,549
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 Villas, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08251 | $169,455 | $191,851 | $228,549 | $287,222 | $374,521 |
Source: Ownwell
Property Tax Bills Across Villas, New Jersey
In Villas, Cape May County, NJ, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Villas, the median home price stands at $228,549. The tax bills vary, with the 25th percentile at $2,532, the 75th percentile at $3,910, and the 90th percentile reaching $5,067. The highest and lowest median tax bills in the area are both recorded at $3,064. Compared to the national median property tax rate of 0.99%, Villas' tax rates can result in higher tax bills for homeowners. These tax bills fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these factors can help homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Villas Tax Bill
$3,064
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 Villas, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08251 | $2,213 | $2,532 | $3,064 | $3,910 | $5,067 |
Source: Ownwell