Palermo, Cape May County, New Jersey Property Taxes
Median Palermo, NJ effective property tax rate: 2.30%, significantly higher than the national median of 1.02%, and lower than the New Jersey state median of 2.88%.
Median Palermo, NJ home value: $233,100
Median annual Palermo, NJ tax bill: $5,350, $2,950 higher than the national median property tax bill of $2,400.
How are property taxes in Cape May County calculated?
Property taxes in Palermo, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Palermo's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Palermo, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Palermo, Cape May County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.3%
Estimate Property Tax Bill
$5,361
$4,975
Property Tax Rates Across Palermo, Cape May County, New Jersey
Local government entities in New Jersey set property tax rates, which can vary significantly across the state. Each county, including Cape May, estimates its required budget annually to provide essential services. This budget is then divided by the total value of all taxable properties within the county, resulting in the property tax rate. While the process involves votes and legal considerations, this is the core of how tax rates are determined each year.
In Palermo, located in Cape May County, the effective property tax rate is 2.30%. This rate is notably higher than the national median property tax rate of 1.02%. When you compare Palermo's rate with other cities in New Jersey, it remains consistent, as it is both the highest and lowest median tax rate in the area. This consistency highlights the uniformity within the local jurisdiction. For homeowners in Palermo, this means a higher property tax bill compared to the national median, which is $2,400. Understanding these rates helps property owners plan and manage their financial responsibilities effectively.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Palermo Tax Rate
2.30%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Cape May County Tax Rate
1.55%
Median Effective New Jersey Tax Rate
2.88%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Palermo, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08230 | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
| 08223 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Palermo, Cape May County, New Jersey
When examining property taxes in Palermo, New Jersey, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cape May County Board of Taxation estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Cape May County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Palermo. For example, the median home price in Palermo is $233,100, with tax bills ranging significantly across the county. Zip code 08230 has the highest median home price at $230,600.
Property Tax Assessment Values Across Palermo, Cape May County, New Jersey
Source: Ownwell
$152,600
$795,525
$1,438,450
Median Palermo Market Value
$233,100
Median Cape May County Market Value
$320,700
Median New Jersey Market Value
$288,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Palermo, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08230 | $173,960 | $195,500 | $230,600 | $269,175 | $286,500 |
| 08223 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Palermo, Cape May County, New Jersey
In Palermo, located in Cape May County, NJ, property tax bills are primarily determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, and local tax authorities determine this rate. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. Homeowners in Palermo face a median property tax bill of $5,292, which is significantly higher than the national median of $2,400. In fact, tax bills can range from the 25th percentile at $4,315 to the 90th percentile at $9,062, reflecting the variance in property values and assessments.
Ownwell can assist homeowners in Palermo by reviewing their property assessments to ensure accuracy, identifying potential savings, and filing appeals on behalf of the homeowner. By leveraging expertise in property tax laws and local market conditions, Ownwell can help reduce tax burdens, ensuring that homeowners pay only their fair share.
Median Palermo Tax Bill
$5,350
Median Cape May County Tax Bill
$5,073
Median New Jersey Tax Bill
$8,638
Median United States Tax Bill
$2,400
Property Tax Bills Across Palermo, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08230 | $3,992 | $4,487 | $5,292 | $6,178 | $6,575 |
| 08223 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell