Penns Grove, New Jersey Property Taxes
The median property tax rate in Penns Grove, NJ, is 3.35%, 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 Penns Grove at $115,900, the typical annual property tax bill reaches $4,194, exceeding the national median of $2,690. Property taxes in Penns Grove 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 Penns Grove'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 Penns Grove 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
Penns Grove, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.35%
Estimate Property Tax Bill
$3,883
Ownwell’s PENNS GROVE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PENNS GROVE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PENNS GROVE 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 Penns Grove, New Jersey
Property taxes in Penns Grove, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penns Grove is 3.35%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Penns Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penns Grove 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 Penns Grove's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08069 zip code has the highest median property tax rate of 3.35%, while the same zip code also has the lowest median tax rate of 3.35%. Understanding how these cities compare with Penns Grove 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 Penns Grove Tax Rate
3.35%
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 Penns Grove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | 2.73% | 3.35% | 3.35% | 5.03% | 5.05% |
Source: Ownwell
Property Tax Assessment Values Across Penns Grove, New Jersey
In Penns Grove, 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 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. In Penns Grove, 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 Penns Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,194, found in the 08069 zip code.
Average Penns Grove Assessed Value
$115,900
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 Penns Grove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | $63,100 | $92,000 | $115,900 | $153,100 | $205,100 |
Source: Ownwell
Property Tax Bills Across Penns Grove, New Jersey
In Penns Grove, Salem County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. For homeowners in Penns Grove, the median home price is $115,900, resulting in a significant property tax burden. The property tax rate in this area is notably higher than the national median rate of 0.99%, leading to substantial tax bills. For example, the 25th percentile tax bill is $3,284, the 75th percentile is $5,400, and the 90th percentile reaches $7,025. This high taxation can impact homeowners by increasing their annual expenses, making it crucial to understand and possibly appeal their property assessments to ensure fair taxation.
Average Penns Grove Tax Bill
$4,194
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 Penns Grove, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | $2,580 | $3,284 | $4,194 | $5,400 | $7,025 |
Source: Ownwell