Swedesboro, New Jersey Property Taxes
The median property tax rate in Swedesboro, NJ is 2.73%, 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 Swedesboro, the typical annual property tax bill reaches $4,196, exceeding the national median of $2,690. Property taxes in Swedesboro 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 Swedesboro'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 Swedesboro 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
Swedesboro, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.73%
Estimate Property Tax Bill
$4,434
$4,114
Ownwell’s Swedesboro Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Swedesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swedesboro to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, assigned by the county for tax calculations, takes into account any applicable exemptions.
Property Tax Rates Across Swedesboro, New Jersey
Property taxes in Swedesboro, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swedesboro is 2.73%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Swedesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swedesboro 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 Swedesboro's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08085 zip code has the highest median property tax rate of 2.73%, while the same zip code also represents the lowest median tax rate of 2.73%. Understanding how these cities compare with Swedesboro 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 Swedesboro Tax Rate
2.73%
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 Swedesboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08085 | 2.34% | 2.47% | 2.73% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Swedesboro, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Swedesboro, 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 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 Swedesboro, 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. For instance, the median home price in the area is $162,400, with tax bills ranging from $3,384 at the 25th percentile to $5,819 at the 90th percentile. Interestingly, the highest and lowest median tax bills both amount to $4,196 in the 08085 zip code. 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 Swedesboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Swedesboro Assessed Value
$162,400
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 Swedesboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08085 | $107,800 | $136,850 | $162,400 | $187,650 | $219,200 |
Source: Ownwell
Property Tax Bills Across Swedesboro, New Jersey
In Swedesboro, 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 Salem County assessor's office, which evaluates the property's market value and then applies an assessment ratio. Homeowners in Swedesboro face property tax bills that vary significantly. For instance, the tax bill at the 25th percentile is $3,384, while at the 75th percentile, it rises to $4,907. Those in the 90th percentile see tax bills as high as $5,819. The median home price in Swedesboro is $162,400, and the property tax rate in this area is significantly higher than the national median rate of 0.99%. This higher tax rate can place a considerable financial burden on homeowners, impacting their overall cost of living. Whether for budgeting purposes or future planning, understanding these factors is crucial for homeowners in Swedesboro, as property taxes are a significant component of homeownership costs.
Average Swedesboro Tax Bill
$4,196
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 Swedesboro, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08085 | $2,667 | $3,384 | $4,196 | $4,907 | $5,819 |
Source: Ownwell