West Wildwood, New Jersey Property Taxes
The median property tax rate in West Wildwood, NJ is 1.27%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in West Wildwood at $322,754, the typical annual property tax bill reaches $4,109, exceeding the national median of $2,690. Property taxes in West Wildwood 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 West Wildwood'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 Wildwood 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 Wildwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$4,099
$3,804
Ownwell’s WEST WILDWOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WEST WILDWOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WEST WILDWOOD 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 Wildwood, New Jersey
Property taxes in West Wildwood, 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 West Wildwood is 1.27%, significantly higher than the U.S. national median of 0.99%. Local government entities within West Wildwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Wildwood 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 Wildwood's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08260 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these areas compare with West Wildwood 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 Wildwood Tax Rate
1.27%
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 Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | 1.07% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across West Wildwood, New Jersey
In West Wildwood, 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 West Wildwood, 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 West Wildwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The property tax bills in West Wildwood range from $3,121 at the 25th percentile to $6,874 at the 90th percentile, with a median home price of $322,754.
Property Tax Assessment Values Across West Wildwood, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average West Wildwood Assessed Value
$322,754
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 Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | $197,127 | $240,352 | $322,754 | $478,718 | $542,837 |
Source: Ownwell
Property Tax Bills Across West Wildwood, New Jersey
In West Wildwood, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate various factors, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Cape May County, the median home price is $322,754. Property tax bills can vary significantly, with the 25th percentile at $3,121 and the 75th percentile reaching $5,363, while the 90th percentile can go up to $6,874. These figures highlight the range of tax responsibilities homeowners might face. Compared to the national median property tax rate of 0.99%, West Wildwood's rates can be relatively high, impacting homeowners' annual budgets. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average West Wildwood Tax Bill
$4,109
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 Wildwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08260 | $2,818 | $3,121 | $4,109 | $5,363 | $6,874 |
Source: Ownwell