Clarksboro, New Jersey Property Taxes
The median property tax rate in Clarksboro, NJ is 2.49%, 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 Clarksboro, the typical annual property tax bill reaches $7,835, significantly exceeding the national median of $2,690. Property taxes in Clarksboro 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 Clarksboro'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 Clarksboro or another part of Gloucester County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clarksboro, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$7,822
Ownwell’s Clarksboro Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Clarksboro using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clarksboro to project your property tax bill. This insightful tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Gloucester County for tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Clarksboro, New Jersey
Property taxes in Clarksboro, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clarksboro is 2.49%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Clarksboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clarksboro 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 Clarksboro's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08020 zip code has both the highest and lowest median property tax rate of 2.49%. Understanding how these cities compare with Clarksboro 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 Clarksboro Tax Rate
2.49%
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 Clarksboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08020 | 2.49% | 2.49% | 2.49% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Clarksboro, New Jersey
In Clarksboro, 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 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 Clarksboro, 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 Clarksboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 08020, with a median tax bill of $7,835.
Average Clarksboro Assessed Value
$314,136
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 Clarksboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08020 | $199,926 | $263,858 | $314,136 | $369,629 | $461,629 |
Source: Ownwell
Property Tax Bills Across Clarksboro, New Jersey
In Clarksboro, Gloucester County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Clarksboro is $314,136, and property tax rates are applied to this value to determine the annual tax bill. For homeowners, the tax bill can vary significantly, ranging from $6,578 at the 25th percentile to $11,509 at the 90th percentile. The median property tax bill stands at $7,835, which is considerably higher than the national median property tax rate of 0.99%. Several factors influence these tax bills, including the assessed value of the property, local government budgets, and public service funding requirements. Higher property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning. Homeowners in Clarksboro should be aware of these factors and consider them when budgeting for their annual expenses.
Average Clarksboro Tax Bill
$7,835
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 Clarksboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08020 | $4,985 | $6,578 | $7,835 | $9,216 | $11,509 |
Source: Ownwell