Woodstown, New Jersey Property Taxes
The median property tax rate in Woodstown, NJ is 2.27%, 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 Woodstown, the typical annual property tax bill reaches $10,770, exceeding the national median of $2,690. Property taxes in Woodstown 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 Woodstown'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 Woodstown 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
Woodstown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$10,754
$9,979
Ownwell’s Woodstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodstown 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 Woodstown, New Jersey
Property taxes in Woodstown, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodstown is 2.27%, significantly higher than both the New Jersey state median of 2.21% and the U.S. national median of 0.99%. Local government entities within Woodstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodstown 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 Woodstown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08098 zip code has the same median property tax rate of 2.27%. Understanding how these cities compare with Woodstown 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 Woodstown Tax Rate
2.27%
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 Woodstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08098 | 2.27% | 2.27% | 2.27% | 2.27% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Woodstown, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodstown, NJ. 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's Office 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 Woodstown, 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 Woodstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in Woodstown is $10,770, with the highest and lowest values both found in the 08098 zip code.
Average Woodstown Assessed Value
$473,747
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 Woodstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08098 | $265,639 | $296,026 | $473,747 | $526,120 | $540,821 |
Source: Ownwell
Property Tax Bills Across Woodstown, New Jersey
In Woodstown, Gloucester County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and is meant to reflect the market value of the property. Homeowners in Woodstown face a median property tax rate significantly higher than the national median of 0.99%, leading to substantial tax bills. The tax bill can vary widely depending on the property's assessed value and location within the city. For example, homeowners at the 25th percentile can expect to pay around $6,730, while those at the 75th percentile might see bills as high as $11,961. The highest median tax bill recorded in the area is $10,770, which is notably higher than the national median. These high tax bills can significantly impact homeowners, influencing decisions on buying, selling, or maintaining property. They also contribute to the overall cost of living in Woodstown, making it essential for homeowners to understand how their tax bills are calculated and what factors are considered.
Average Woodstown Tax Bill
$10,770
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 Woodstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08098 | $6,039 | $6,730 | $10,770 | $11,961 | $12,295 |
Source: Ownwell