Woodbury, New Jersey Property Taxes
The median property tax rate in Woodbury, NJ is 2.84%, 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 Woodbury, the typical annual property tax bill reaches $6,413, exceeding the national median of $2,690. Property taxes in Woodbury 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 Woodbury'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 Woodbury 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
Woodbury, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$5,672
$5,264
Ownwell’s Woodbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodbury 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 Woodbury, New Jersey
Property taxes in Woodbury, New Jersey, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodbury is 2.84%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Woodbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodbury 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 Woodbury's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08096 zip code has the highest median property tax rate of 2.84%, while the same zip code also has the lowest median tax rate of 2.84%. Understanding how these areas compare with Woodbury 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 Woodbury Tax Rate
2.84%
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 Woodbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08096 | 2.84% | 2.84% | 2.84% | 3.87% | 3.87% |
Source: Ownwell
Property Tax Assessment Values Across Woodbury, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodbury, NJ. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated for tax purposes by the local appraisal district. 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 Woodbury, 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 Woodbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 08096 has the highest and lowest median tax bill at $6,413, highlighting the importance of understanding these valuations.
Average Woodbury Assessed Value
$199,731
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 Woodbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08096 | $140,256 | $165,953 | $199,731 | $252,723 | $316,583 |
Source: Ownwell
Property Tax Bills Across Woodbury, New Jersey
Property tax bills in Woodbury, Gloucester County, NJ, are calculated based on the assessed value of a property and the local tax rate. Homeowners in this city face a median property tax rate significantly higher than the national median of 0.99%. For instance, the median home price in Woodbury is $199,731, and the tax bills can range widely depending on the property's assessed value and specific location within the city. The tax bill at the 25th percentile is approximately $5,179, indicating that even lower-valued properties incur substantial taxes. At the 75th percentile, the tax bill rises to about $7,846, and at the 90th percentile, it can reach up to $9,393. The highest median tax bill recorded in the city is $6,413, which is notably above the national average. These high property taxes can significantly impact homeowners, influencing their overall cost of living and potentially affecting property values and market dynamics in the area.
Average Woodbury Tax Bill
$6,413
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 Woodbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08096 | $4,414 | $5,179 | $6,413 | $7,846 | $9,393 |
Source: Ownwell