Woodbine, New Jersey Property Taxes
The median property tax rate in Woodbine, NJ is 1.65%, 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 Woodbine, the typical annual property tax bill reaches $3,510, exceeding the national median of $2,690. Property taxes in Woodbine 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 Woodbine'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 Woodbine 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
Woodbine, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$3,611
Ownwell’s Woodbine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodbine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodbine 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 Woodbine, New Jersey
Property taxes in Woodbine, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodbine stands at 1.65%, significantly higher than the U.S. national median of 0.99%. Local government entities within Woodbine set these rates annually, and they can vary across different neighborhoods. Each year, Woodbine 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 Woodbine's effective property tax rate to other areas in Cape May County and the national median. For comparison, the 08270 zip code has both the highest and lowest median property tax rate of 1.65%. Understanding how these areas compare with Woodbine 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 Woodbine Tax Rate
1.65%
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 Woodbine, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08270 | 1.52% | 1.54% | 1.65% | 1.68% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Woodbine, New Jersey
In Woodbine, 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 Woodbine, 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 Woodbine 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 $3,510, found in zip code 08270.
Average Woodbine Assessed Value
$218,826
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 Woodbine, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08270 | $51,141 | $104,430 | $218,826 | $317,429 | $430,705 |
Source: Ownwell
Property Tax Bills Across Woodbine, New Jersey
In Woodbine, Cape May County, 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 the local assessor and is meant to reflect the market value of the property. Homeowners in Woodbine can expect a median property tax bill of $3,510, which is significantly higher than the national median property tax rate of 0.99%. The tax bill can vary widely depending on the value of the property. For example, the 25th percentile tax bill is around $1,584, while the 75th percentile tax bill reaches $5,084. At the 90th percentile, homeowners might see tax bills as high as $6,978. These variations illustrate how different factors, such as property size, location, and improvements, can impact the overall tax burden. For homeowners, understanding these factors and how they influence their property tax bill is crucial for financial planning and budgeting.
Average Woodbine Tax Bill
$3,510
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 Woodbine, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08270 | $854 | $1,584 | $3,510 | $5,084 | $6,978 |
Source: Ownwell