Thorofare, Gloucester County, New Jersey Property Taxes
Median Thorofare, NJ effective property tax rate: 2.73%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Thorofare, NJ home value: $198,411
Median annual Thorofare, NJ tax bill: $5,422, $3,022 higher than the national median property tax bill of $2,400.
How are property taxes in Gloucester calculated?
Property taxes in Thorofare, 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 Thorofare’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Thorofare, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Thorofare, Gloucester County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.73%
Estimate Property Tax Bill
$5,417
$5,026
Property Tax Rates Across Thorofare, Gloucester County, New Jersey
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.
Thorofare in Gloucester County, NJ, stands out with an effective property tax rate of 2.73%, significantly higher than the national median property tax rate of 1.02%. This difference highlights the variance in property tax rates not only within New Jersey but also when compared to national figures. Homeowners in Thorofare face a higher financial obligation in terms of property taxes, underscoring the importance of understanding local tax dynamics.
When considering property investments or relocations, being aware of these rates is crucial. Comparing Thorofare’s effective property tax rate to other cities in New Jersey and the median property tax rates in the state and the U.S. provides valuable insights for property owners and prospective buyers.
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 Thorofare Tax Rate
2.73%
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 Gloucester County Tax Rate
2.83%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Thorofare, Gloucester County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08086 | 2.73% | 2.73% | 2.73% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Thorofare, Gloucester County, New Jersey
When examining property taxes in Thorofare, NJ, 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 Gloucester County appraisal district 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 Gloucester 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 Thorofare. For example, the median home price in Thorofare is $198,411, with tax bills ranging significantly across the county. Zip code 08086 has the highest median home price at $198,411.
Property Tax Assessment Values Across Thorofare, Gloucester County, New Jersey
Source: Ownwell
$118,344
$277,968
$437,591
Median Thorofare Market Value
$198,411
Median Gloucester County Market Value
$246,529
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Thorofare, Gloucester County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08086 | $56,988 | $84,384 | $198,411 | $271,191 | $318,164 |
Source: Ownwell
Property Tax Bills Across Thorofare, Gloucester County, New Jersey
In Thorofare, property tax bills are calculated based on the assessed value of a home, which is determined by the Gloucester County assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. With a median tax bill of $5,422, homeowners in Thorofare pay significantly more than the national median property tax bill of $2,400. This can be a substantial financial burden for many homeowners.
Ownwell offers a solution to help homeowners in Thorofare save on their property tax bills. By providing expert property tax appeal services, Ownwell helps ensure that homes are not over-assessed, potentially reducing tax bills. Our team of experienced consultants reviews assessments and identifies opportunities for appeals, aiming to lower the financial burden on homeowners. With a deep understanding of local tax regulations, Ownwell is well-equipped to help homeowners achieve fair property tax assessments.
Property Tax Bills Across Thorofare, Gloucester County, New Jersey
Source: Ownwell
$2,963
$6,922
$10,881
Median Thorofare Tax Bill
$5,422
Median Gloucester County Tax Bill
$7,106
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Thorofare, Gloucester County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08086 | $1,557 | $2,306 | $5,422 | $7,411 | $8,695 |
Source: Ownwell