08069 Property Tax Rate

Property owners in ZIP code 08069 (Penns Grove, New Jersey) pay a median of $5,559/year in property taxes on homes valued at $184,000. This translates to an effective tax rate of 3.02%, which is 48% above the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 08069 is approximately $463, which factors into escrow payments on mortgages. This ZIP code is located within Salem County. This is $3,038 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 08069 has lower property taxes. ZIP codes with similar effective rates include 08078 (3.02%) and 08091 (3.02%).

In Penns Grove, property taxes represent approximately 8.1% of the median household income of $68,397, 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.