Thorofare, New Jersey Property Taxes
The median property tax rate in Thorofare, NJ is 2.73%, 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 Thorofare, the typical annual property tax bill reaches $5,422, exceeding the national median of $2,690. Property taxes in Thorofare 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 Thorofare'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 Thorofare 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
Thorofare, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.73%
Estimate Property Tax Bill
$5,417
Ownwell’s Thorofare Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorofare with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorofare 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 Thorofare, New Jersey
Property taxes in Thorofare, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorofare is 2.73%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Thorofare set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorofare 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 Thorofare's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08086 zip code has the highest median property tax rate of 2.73%, while the same zip code also has the lowest median tax rate of 2.73%. Understanding how these cities compare with Thorofare 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 Thorofare Tax Rate
2.73%
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 Thorofare, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08086 | 2.73% | 2.73% | 2.73% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Thorofare, New Jersey
In Thorofare, 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 Thorofare, 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. The median home price in Thorofare is $198,411, and the tax bills can vary significantly. For instance, the 25th percentile tax bill is $2,306, while the 75th percentile tax bill is $7,411. The zip code 08086 has the highest median tax bill at $5,422. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thorofare Assessed Value
$198,411
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 Thorofare, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08086 | $56,988 | $84,384 | $198,411 | $271,191 | $318,164 |
Source: Ownwell
Property Tax Bills Across Thorofare, New Jersey
In Thorofare, Gloucester County, NJ, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the local tax assessor and is intended to reflect the market value of your property. Once the assessed value is established, it is multiplied by the local tax rate to calculate your annual property tax bill. Several factors influence the assessed value, including the size of your property, location, and any improvements or renovations made. The median home price in Thorofare is $198,411, which gives a general idea of property values in the area. Homeowners in the 25th percentile can expect tax bills around $2,306, while those in the 75th percentile might see bills as high as $7,411. The highest median tax bill in the area is $5,422, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Thorofare Tax Bill
$5,422
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 Thorofare, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08086 | $1,557 | $2,306 | $5,422 | $7,411 | $8,695 |
Source: Ownwell