08204 Property Tax Rate

Property owners in ZIP code 08204 (Cape May, New Jersey) pay a median of $4,827/year in property taxes on homes valued at $399,200. This translates to an effective tax rate of 1.21%, which is 41% below the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 08204 is approximately $402, which factors into escrow payments on mortgages. This ZIP code is located within Cape May County. This is $3,770 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 08204 has lower property taxes. ZIP codes with similar effective rates include 08038 (1.20%) and 07624 (1.22%).

In Cape May, property taxes represent approximately 6.0% of the median household income of $80,782, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap; Cape May County assessments are locally determined and reassess at market value upon sale with no guaranteed annual increase limit. The Homestead Benefit Program provides tax relief for primary residences with household income ≤$150,000 (reduced to ≤$75,000 for seniors and disabled applicants) — submit your application to the Cape May County Tax Board by June 1 to claim annual credits. File your homeowner affidavit with the Cape May County Assessor within 30 days of closing to establish principal residence documentation.