Penns Grove, Salem County, New Jersey Property Taxes
Median PENNS GROVE, NJ effective property tax rate: 3.35%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median PENNS GROVE, NJ home value: $115,900
Median annual PENNS GROVE, NJ tax bill: $4,194, $1,794 higher than the national median property tax bill of $2,400.
How are property taxes in Salem calculated?
Property taxes in PENNS GROVE, 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 PENNS GROVE’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in PENNS GROVE, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Penns Grove, Salem County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.35%
Estimate Property Tax Bill
$3,883
$3,603
Property Tax Rates Across Penns Grove, Salem County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Why? Because 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 PENNS GROVE’s effective property tax rate to other cities in NJ and the median property tax rates in NJ and the U.S.
In PENNS GROVE, Salem County, the effective property tax rate stands at 3.35%, significantly higher than the national median of 1.02%. This rate is consistent across the region, making it the highest and lowest in the area, as seen in the zip code 08069. With a rate more than three times the national median, property owners in PENNS GROVE face a substantial tax burden. This underscores the importance of understanding local tax assessments and exploring potential appeals or exemptions to alleviate the financial impact. By staying informed and proactive, property owners can better navigate the complexities of property taxation in this area.
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 Penns Grove Tax Rate
3.35%
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 Salem County Tax Rate
3.71%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Penns Grove, Salem County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | 2.73% | 3.35% | 3.35% | 5.03% | 5.05% |
Source: Ownwell
Property Tax Assessment Values Across Penns Grove, Salem County, New Jersey
When examining property taxes in PENNS GROVE, 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 Salem 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 Salem County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 PENNS GROVE. For example, the median home price in PENNS GROVE is $115,900, with tax bills ranging significantly across the county. 08069 has the highest median home price at $115,900.
Property Tax Assessment Values Across Penns Grove, Salem County, New Jersey
Source: Ownwell
$89,450
$178,125
$266,800
Median Penns Grove Market Value
$115,900
Median Salem County Market Value
$154,700
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Penns Grove, Salem County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | $63,100 | $92,000 | $115,900 | $153,100 | $205,100 |
Source: Ownwell
Property Tax Bills Across Penns Grove, Salem County, New Jersey
In Penns Grove, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. Homeowners in Penns Grove face a median property tax bill of $4,194, significantly higher than the national median of $2,400. Factors like the home's location, size, and amenities influence its assessed value, impacting the tax bill. With tax bills ranging from $3,284 at the 25th percentile to $7,025 at the 90th percentile, the burden on homeowners can vary widely.
Ownwell assists homeowners in reducing their property tax bills by identifying potential inaccuracies in assessed values and filing appeals on their behalf. By leveraging expert knowledge and local market insights, Ownwell ensures homeowners pay only their fair share. This service can lead to substantial savings, easing the financial strain of high property taxes in Penns Grove.
Median Penns Grove Tax Bill
$4,194
Median Salem County Tax Bill
$5,715
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Penns Grove, Salem County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08069 | $2,580 | $3,284 | $4,194 | $5,400 | $7,025 |
Source: Ownwell