Bridgeport, New Jersey Property Taxes
The median property tax rate in Bridgeport, NJ is 1.66%, 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 Bridgeport at $178,948, the typical annual property tax bill reaches $2,963, exceeding the national median of $2,690. Property taxes in Bridgeport 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 Bridgeport'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 Bridgeport 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
Bridgeport, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$2,971
Ownwell’s Bridgeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bridgeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgeport 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 Bridgeport, New Jersey
Property taxes in Bridgeport, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgeport is 1.66%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bridgeport set these rates annually, and they can vary across different neighborhoods. Each year, Bridgeport 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 Bridgeport's effective property tax rate to other areas in Gloucester County and the national median. For comparison, the zip code 08014 has both the highest and lowest median property tax rate of 1.66%. Understanding how these areas compare with Bridgeport provides valuable insights into the varying tax landscape across Gloucester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bridgeport Tax Rate
1.66%
Average Gloucester County Tax Rate
2.83%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgeport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08014 | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Bridgeport, New Jersey
In Bridgeport, 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 Gloucester 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 Bridgeport, 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. The median home price in Bridgeport is $178,948, with tax bills ranging from $2,405 at the 25th percentile to $4,176 at the 90th percentile. The zip code with the highest median tax bill is 08014, which stands at $2,963. 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 Bridgeport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bridgeport Assessed Value
$178,948
Average Gloucester County Assessed Value
$246,529
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bridgeport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08014 | $82,238 | $145,259 | $178,948 | $213,002 | $252,227 |
Source: Ownwell
Property Tax Bills Across Bridgeport, New Jersey
In Bridgeport, NJ, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Bridgeport is $178,948, which serves as a baseline for calculating the tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. Homeowners in Bridgeport can expect tax bills ranging from $2,405 at the 25th percentile to $4,176 at the 90th percentile. The median tax bill stands at $2,963, which is significantly higher than the national median property tax rate of 0.99%. This indicates that property taxes in Bridgeport are relatively high compared to the national average. Higher property tax bills can impact homeowners by increasing the overall cost of homeownership. This can affect budgeting for other expenses and may influence decisions on property investments. Understanding how these taxes are calculated helps homeowners plan better and potentially seek exemptions or appeal processes to manage their financial obligations effectively.
Average Bridgeport Tax Bill
$2,963
Average Gloucester County Tax Bill
$7,106
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgeport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08014 | $1,362 | $2,405 | $2,963 | $3,527 | $4,176 |
Source: Ownwell