Deerfield Twp, New Jersey Property Taxes
The median property tax rate in Deerfield Township, NJ is 2.94%, 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 Deerfield Township, the typical annual property tax bill reaches $5,157, exceeding the national median of $2,690. Property taxes in Deerfield Township 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 Deerfield Township'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 Deerfield Township 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
Deerfield Twp, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$5,151
Ownwell’s Deerfield Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deerfield Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deerfield Township 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 Deerfield Twp, New Jersey
Property taxes in Deerfield Township, 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 Deerfield Township is 2.94%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Deerfield Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deerfield Township 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 Deerfield Township's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08302 zip code has the highest median property tax rate of 2.94%, while the same zip code also has the lowest median tax rate of 2.94%. Understanding how these cities compare with Deerfield Township 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 Deerfield Twp Tax Rate
2.94%
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 Deerfield Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | 2.94% | 2.94% | 2.94% | 2.94% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Deerfield Twp, New Jersey
In Deerfield Township, 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 Cumberland County Assessor 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 Deerfield Township, 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 Deerfield Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08302 has the highest and lowest median tax bill, both at $5,157, reflecting the area's uniformity in property tax assessments.
Property Tax Assessment Values Across Deerfield Twp, New Jersey
Source: Ownwell
$113,856
$223,342
$332,828
Average Deerfield Twp Assessed Value
$175,192
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 Deerfield Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | $136,640 | $153,558 | $175,192 | $183,324 | $192,574 |
Source: Ownwell
Property Tax Bills Across Deerfield Twp, New Jersey
In Deerfield Township, NJ, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by local assessors who evaluate the property's market value and apply a specific assessment ratio. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Deerfield Township, the median home price stands at $175,192. The tax bills can vary significantly, with the 25th percentile tax bill at $4,520 and the 75th percentile reaching $5,397. The highest median tax bill in the area is $5,157, which is notably higher than the national median property tax rate of 0.99%. These property tax bills can impact homeowners by influencing their overall cost of living and the affordability of their homes. Higher property taxes can lead to increased monthly mortgage payments, which may affect household budgeting and long-term financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Deerfield Twp Tax Bill
$5,157
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 Deerfield Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | $4,022 | $4,520 | $5,157 | $5,397 | $5,669 |
Source: Ownwell