08001 Property Tax Rate

Property owners in ZIP code 08001 (Alloway, New Jersey) pay a median of $7,168/year in property taxes on homes valued at $282,400. This translates to an effective tax rate of 2.54%, which is 24% above the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 08001 is approximately $597, which factors into escrow payments on mortgages. This ZIP code is located within Salem County. This is $1,429 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 08001 has higher property taxes. ZIP codes with similar effective rates include 08554 (2.54%) and 08619 (2.53%).

In Alloway, property taxes represent approximately 5.2% of the median household income of $138,799, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap; Salem County assessments are set locally and may increase each year without state limitation, with reassessment at sale. The Homestead Benefit Program provides property tax credits for households earning ≤$150,000 (reduced to ≤$75,000 for seniors and disabled owners) on primary residences — apply to the Salem County Tax Board by June 1 annually. File a homeowner affidavit with the Salem County Assessor within 30 days of closing to document principal residence status and secure your initial assessment.