West Cape May, New Jersey Property Taxes
The median property tax rate in West Cape May, NJ, is 0.88%, which is lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $751,170, the typical annual property tax bill in West Cape May reaches $6,594, significantly higher than the national median of $2,690. Property taxes in West Cape May are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding West 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 West 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
West Cape May, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$6,610
Ownwell’s West Cape May Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Cape May with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West 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 West Cape May, New Jersey
Property taxes in West Cape May, New Jersey, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in West Cape May is 0.88%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within West Cape May set these rates annually, and they can vary significantly across different neighborhoods. Each year, West 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 West Cape May's effective property tax rate to other areas in Cape May County and the national median. For comparison, the zip code 08204 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these areas compare with West 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 West Cape May Tax Rate
0.88%
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 West Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across West Cape May, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in West Cape May, NJ. 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 local appraisal authority 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 West 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. For instance, the median home price is $751,170, with tax bills ranging from $5,328 at the 25th percentile to $8,216 at the 75th percentile, and up to $8,956 at the 90th percentile. Notably, the zip code 08204 has both the highest and lowest median tax bill at $6,594. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across West Cape May, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average West Cape May Assessed Value
$751,170
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 West Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | $471,842 | $607,001 | $751,170 | $936,060 | $1,020,274 |
Source: Ownwell
Property Tax Bills Across West Cape May, New Jersey
Property tax bills in West Cape May, located in Cape May County, NJ, are determined based on the assessed value of a property combined with the local tax rate. For homeowners in this region, the median home price stands at $751,170. The tax rate is applied to the assessed value, resulting in a median property tax bill that is significantly higher than the national median property tax rate of 0.99%. In West Cape May, tax bills can vary widely, with the 25th percentile tax bill at $5,328 and the 75th percentile reaching $8,216. For those at the 90th percentile, tax bills can go up to $8,956. These figures highlight the financial impact on homeowners, who must budget for these substantial tax obligations. The highest and lowest median tax bills in the area are both recorded at $6,594, indicating a consistent tax rate application across different property values within the same zip code, 08204.
Average West Cape May Tax Bill
$6,594
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 West Cape May, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08204 | $4,694 | $5,328 | $6,594 | $8,216 | $8,956 |
Source: Ownwell