Mullica Hill, New Jersey Property Taxes
The median property tax rate in Mullica Hill, NJ is 2.57%, 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 Mullica Hill at $417,674, the typical annual property tax bill reaches $10,502, exceeding the national median of $2,690. Property taxes in Mullica Hill 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 Mullica Hill'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 Mullica Hill 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
Mullica Hill, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$10,734
Ownwell’s Mullica Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mullica Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mullica Hill 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 Mullica Hill, New Jersey
Property taxes in Mullica Hill, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mullica Hill is 2.57%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mullica Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mullica Hill 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 Mullica Hill's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08062 zip code has both the highest and lowest median property tax rate of 2.57%. Understanding how these cities compare with Mullica Hill 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 Mullica Hill Tax Rate
2.57%
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 Mullica Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08062 | 2.27% | 2.57% | 2.57% | 2.57% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Mullica Hill, New Jersey
In Mullica Hill, 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 Tax 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 Mullica Hill, 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 Mullica Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $417,674, with median tax bills ranging from $7,575 at the 25th percentile to $16,689 at the 90th percentile. The highest and lowest median tax bills in the area are both $10,502 in the 08062 zip code.
Property Tax Assessment Values Across Mullica Hill, New Jersey
Source: Ownwell
$118,344
$296,046
$473,747
Average Mullica Hill Assessed Value
$417,674
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 Mullica Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08062 | $228,600 | $302,115 | $417,674 | $540,609 | $657,855 |
Source: Ownwell
Property Tax Bills Across Mullica Hill, New Jersey
In Mullica Hill, 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 Mullica Hill is $417,674, which serves as a foundation for determining the tax bill. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $7,575 and the 75th percentile reaching $13,624. At the 90th percentile, tax bills can be as high as $16,689. The local tax rate applied to the assessed value of the property is a critical factor influencing the final tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Mullica Hill face considerably higher property taxes. This high tax rate can significantly impact homeowners, affecting their overall cost of living and long-term financial planning. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Mullica Hill Tax Bill
$10,502
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 Mullica Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08062 | $5,831 | $7,575 | $10,502 | $13,624 | $16,689 |
Source: Ownwell