08023 Property Tax Rate

Property owners in ZIP code 08023 (Deepwater, New Jersey) pay a median of $3,755/year in property taxes on homes valued at $175,800. This translates to an effective tax rate of 2.14%, which is 5% above the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 08023 is approximately $313, which factors into escrow payments on mortgages. This ZIP code is located within Salem County. This is $4,842 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 08023 has higher property taxes. ZIP codes with similar effective rates include 07801 (2.14%) and 08876 (2.14%).

In Deepwater, property taxes represent approximately 4.3% of the median household income of $87,576, 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.