Cedarville, New Jersey Property Taxes
The median property tax rate in Cedarville, NJ is 2.69%, 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 Cedarville, the typical annual property tax bill reaches $4,576, exceeding the national median of $2,690. Property taxes in Cedarville 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 Cedarville'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 Cedarville 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
Cedarville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.69%
Estimate Property Tax Bill
$4,586
Ownwell’s Cedarville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cedarville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedarville 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 Cedarville, New Jersey
Property taxes in Cedarville, 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 Cedarville is 2.69%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Cedarville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedarville 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 Cedarville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08311 has the highest median property tax rate of 2.69%, while the same zip code also has the lowest median tax rate of 2.69%. Understanding how these areas compare with Cedarville provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedarville Tax Rate
2.69%
Average Cumberland County Tax Rate
2.69%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedarville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08311 | 2.69% | 2.69% | 2.69% | 2.69% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Cedarville, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cedarville, New Jersey. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Cumberland County tax authorities 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 Cedarville, 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 in Cedarville is $170,495, and the property tax bills range from $3,647 at the 25th percentile to $7,325 at the 90th percentile. Notably, the zip code 08311 in Cedarville has both the highest and lowest median tax bill at $4,576. 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 their tax burden.
Average Cedarville Assessed Value
$170,495
Average Cumberland County Assessed Value
$168,564
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedarville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08311 | $101,327 | $136,094 | $170,495 | $221,504 | $272,404 |
Source: Ownwell
Property Tax Bills Across Cedarville, New Jersey
Property tax bills in Cedarville, Cumberland County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. In Cedarville, the median home price is $170,495. Homeowners in the 25th percentile can expect a tax bill of around $3,647, while those in the 75th percentile might see bills as high as $5,957. For those in the 90th percentile, tax bills can reach up to $7,325. These figures illustrate the variability in tax obligations based on property values. Compared to the national median property tax rate of 0.99%, Cedarville's tax rates can be significantly higher, impacting homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Cedarville Tax Bill
$4,576
Average Cumberland County Tax Bill
$4,561
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedarville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08311 | $2,725 | $3,647 | $4,576 | $5,957 | $7,325 |
Source: Ownwell