Gibbstown, New Jersey Property Taxes
The median property tax rate in Gibbstown, NJ is 2.97%, 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 Gibbstown at $180,818, the typical annual property tax bill reaches $5,356, exceeding the national median of $2,690. Property taxes in Gibbstown 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 Gibbstown'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 Gibbstown 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
Gibbstown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$5,370
Ownwell’s Gibbstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibbstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibbstown 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 Gibbstown, New Jersey
Property taxes in Gibbstown, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibbstown is 2.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gibbstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibbstown 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 Gibbstown's effective property tax rate to other areas and the national median. For comparison, the zip code 08027 has the highest median property tax rate of 2.97%, while the same zip code also has the lowest median tax rate of 2.97%. Understanding how these areas compare with Gibbstown 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 Gibbstown Tax Rate
2.97%
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 Gibbstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08027 | 2.97% | 2.97% | 2.97% | 2.97% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Gibbstown, New Jersey
In Gibbstown, 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. 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 Gibbstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gibbstown is $180,818, with median tax bills ranging from $4,381 at the 25th percentile to $7,154 at the 90th percentile. The highest and lowest median tax bills are both $5,356 in the 08027 zip code.
Average Gibbstown Assessed Value
$180,818
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 Gibbstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08027 | $124,923 | $147,877 | $180,818 | $211,450 | $241,201 |
Source: Ownwell
Property Tax Bills Across Gibbstown, New Jersey
In Gibbstown, Gloucester County, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Homeowners in Gibbstown face a range of property tax bills, with the 25th percentile at $4,381 and the 75th percentile at $6,270. The 90th percentile tax bill can reach up to $7,154. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Gibbstown's property tax rates result in relatively higher tax bills, reflecting the local government's funding needs and the community's property values.
Average Gibbstown Tax Bill
$5,356
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 Gibbstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08027 | $3,705 | $4,381 | $5,356 | $6,270 | $7,154 |
Source: Ownwell