Port Elizabeth, Cumberland County, New Jersey Property Taxes

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Port Elizabeth’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S.

In Port Elizabeth, located in Cumberland County, the effective property tax rate is notably higher than the national median. The state of New Jersey itself is known for having some of the highest property tax rates in the country. This can be attributed to the state's reliance on property taxes to fund local services, including education, public safety, and infrastructure. While the national median property tax rate stands at 1.02%, Port Elizabeth's rate reflects the broader trend within New Jersey. For homeowners, understanding these rates is crucial, as they directly impact the annual property tax bill, which in Port Elizabeth, is significantly above the national median of $2400.

In Port Elizabeth, located in Cumberland County, NJ, property tax bills are calculated based on the assessed value of a home relative to its market value. With a median home price of $182,909, property taxes here are notably higher than the national median tax bill of $2,400. Homeowners in this area face a median tax bill of $4,773, which reflects the state's higher property tax rates. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. The tax bill can significantly impact homeowners, especially those whose bills fall within the 75th percentile at $6,171 or even the 90th percentile at $7,714.

Ownwell provides valuable assistance to homeowners by offering property tax appeal and exemption services. By analyzing property assessments and identifying discrepancies, Ownwell helps reduce the financial burden on homeowners. This ensures they only pay their fair share, potentially saving them hundreds or even thousands of dollars annually. Through expert guidance and support, Ownwell aids homeowners in navigating the complexities of property tax regulations.