Bloomsbury, New Jersey Property Taxes
The median property tax rate in Bloomsbury, NJ is 3.47%, 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 Bloomsbury at $235,300, the typical annual property tax bill reaches $8,714, exceeding the national median of $2,690. Property taxes in Bloomsbury 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 Bloomsbury'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 Bloomsbury 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
Bloomsbury, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.47%
Estimate Property Tax Bill
$8,165
$7,577
Ownwell’s Bloomsbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomsbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomsbury 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 Bloomsbury, New Jersey
Property taxes in Bloomsbury, 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 Bloomsbury is 3.47%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Bloomsbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomsbury 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 Bloomsbury's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08804 has both the highest and lowest median property tax rate of 3.47%. Understanding how these cities compare with Bloomsbury provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomsbury Tax Rate
3.47%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomsbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08804 | 3.15% | 3.47% | 3.47% | 4.09% | 4.09% |
Source: Ownwell
Property Tax Assessment Values Across Bloomsbury, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bloomsbury, 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 Warren 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 Bloomsbury, 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. Notably, the highest and lowest median tax bills in Bloomsbury are $8,714 in the zip code 08804.
Average Bloomsbury Assessed Value
$235,300
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomsbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08804 | $135,720 | $172,900 | $235,300 | $363,300 | $461,060 |
Source: Ownwell
Property Tax Bills Across Bloomsbury, New Jersey
In Bloomsbury, located in Warren 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 tax assessor and is meant to reflect the market value of the property. This assessed value is then multiplied by the tax rate set by local government authorities to determine the annual property tax bill. For homeowners in Bloomsbury, the property taxes can vary significantly. The 25th percentile tax bill is $6,482, while the 75th percentile reaches $13,325. At the 90th percentile, homeowners might see tax bills as high as $15,830. Comparatively, the national median property tax rate is 0.99%, making Bloomsbury's property taxes noticeably higher. High property tax bills can significantly impact homeowners, influencing decisions on home purchases, renovations, and overall financial planning. Given the assessed values and tax rates, Bloomsbury residents need to be well-informed and proactive in understanding their property tax obligations.
Average Bloomsbury Tax Bill
$8,714
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomsbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08804 | $4,948 | $6,482 | $8,714 | $13,325 | $15,830 |
Source: Ownwell