Deepwater, New Jersey Property Taxes
The median property tax rate in Deepwater, NJ is 4.75%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Deepwater at $90,850, the typical annual property tax bill reaches $3,986, far exceeding the national median of $2,690. Property taxes in Deepwater are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Deepwater'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 Deepwater 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
Deepwater, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.75%
Estimate Property Tax Bill
$4,315
$4,005
Ownwell’s Deepwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deepwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deepwater 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 Deepwater, New Jersey
Property taxes in Deepwater, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deepwater is 4.75%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Deepwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deepwater 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 Deepwater's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08023 zip code has the highest median property tax rate of 4.75%, while the 08023 zip code also has the lowest median tax rate of 4.75%. Understanding how these cities compare with Deepwater 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 Deepwater Tax Rate
4.75%
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 Deepwater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08023 | 3.40% | 4.47% | 4.75% | 4.75% | 4.75% |
Source: Ownwell
Property Tax Assessment Values Across Deepwater, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Deepwater, New Jersey. The market value is 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 by the Salem County 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. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Deepwater, the median home price is $90,850, with the tax bill ranging from $3,524 at the 25th percentile to $5,700 at the 90th percentile. The zip code with the highest and lowest median tax bill is 08023, with a median tax bill of $3,986.
Average Deepwater Assessed Value
$90,850
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 Deepwater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08023 | $67,510 | $78,925 | $90,850 | $102,800 | $132,600 |
Source: Ownwell
Property Tax Bills Across Deepwater, New Jersey
In Deepwater, NJ, within Salem County, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. The local tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including property size, location, and improvements. For instance, the median home price in Deepwater is $90,850. Homeowners in the 25th percentile can expect a tax bill around $3,524, while those in the 75th percentile might see bills closer to $4,587. For the top 10% of homeowners, tax bills can reach up to $5,700. These property taxes significantly impact homeowners, often constituting a substantial portion of annual housing costs. With the national median property tax rate at 0.99%, Deepwater's rates are notably higher, reflecting the local funding needs for public services and infrastructure.
Average Deepwater Tax Bill
$3,986
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 Deepwater, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08023 | $2,975 | $3,524 | $3,986 | $4,587 | $5,700 |
Source: Ownwell