08086 Property Tax Rate

Property owners in ZIP code 08086 (Thorofare, New Jersey) pay a median of $7,405/year in property taxes on homes valued at $258,800. This translates to an effective tax rate of 2.86%, which is 40% above the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 08086 is approximately $617, which factors into escrow payments on mortgages. This ZIP code is located within Gloucester County. This is $1,192 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 08086 has lower property taxes. ZIP codes with similar effective rates include 07502 (2.86%) and 08065 (2.86%).

In Thorofare, property taxes represent approximately 8.4% of the median household income of $88,125, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap; Gloucester County assessments are determined locally and may increase each year without statutory limitation. The Homestead Benefit Program provides tax credits for primary residences with household income ≤$150,000 (or ≤$75,000 for seniors and disabled applicants) — apply to the Gloucester County Tax Board by June 1 to receive annual relief. Contact the Gloucester County Assessor within 30 days of closing to file your principal residence declaration and confirm your baseline assessed value.