Bridgeton, New Jersey Property Taxes
The median property tax rate in Bridgeton, NJ is 3.18%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Bridgeton at $185,900, the typical annual property tax bill reaches $5,919, far exceeding the national median of $2,690. Property taxes in Bridgeton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bridgeton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bridgeton 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
Bridgeton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.18%
Estimate Property Tax Bill
$5,912
$5,486
Ownwell's Bridgeton Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Bridgeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgeton to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more localized information, neighborhood-level trends are available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Bridgeton, New Jersey
Property taxes in Bridgeton, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgeton is 3.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bridgeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgeton 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 Bridgeton's effective property tax rate to other areas in Salem County and the national median. For comparison, the zip code 08302 has both the highest and lowest median property tax rate of 3.18%. Understanding how these areas compare with Bridgeton provides valuable insights into the varying tax landscape across Salem County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bridgeton Tax Rate
3.18%
Average Salem County Tax Rate
3.71%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgeton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | 2.91% | 3.12% | 3.18% | 3.29% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Bridgeton, New Jersey
In Bridgeton, 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 local 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. In Bridgeton, 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 Bridgeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, Bridgeton's highest and lowest median tax bill is $5,919 in the 08302 zip code, which contrasts with the national median property tax rate of 0.99%.
Average Bridgeton Assessed Value
$185,900
Average Salem County Assessed Value
$154,700
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bridgeton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | $110,580 | $136,700 | $185,900 | $250,200 | $304,320 |
Source: Ownwell
Property Tax Bills Across Bridgeton, New Jersey
In Bridgeton, NJ, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The assessed value is determined by the local tax assessor, who evaluates the property's market value and then applies an assessment ratio. This assessed value is then multiplied by the tax rate set by the local government to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and improvements. In Bridgeton, homeowners face a range of property tax bills, with the 25th percentile at $4,310 and the 75th percentile at $7,832. For those in the 90th percentile, tax bills can reach up to $9,765. These property taxes significantly impact homeowners, often representing a substantial portion of their annual expenses. With the national median property tax rate at 0.99%, Bridgeton's property tax rates can be considered relatively high, reflecting the area's specific valuation and taxation policies.
Average Bridgeton Tax Bill
$5,919
Average Salem County Tax Bill
$5,715
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgeton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08302 | $3,389 | $4,310 | $5,919 | $7,832 | $9,765 |
Source: Ownwell