Cherry Hill homeowners experienced a 3.2 percent increase in their average property tax bill, according to the latest data released by the New Jersey Department of Community Affairs for the year 2023. Despite the rise, Cherry Hill maintained the distinction of having the lowest municipal tax rate in Camden County.
In 2023, the average property tax paid by a Cherry Hill homeowner amounted to $8,857 for a home valued at $227,281. This marked an increase from the previous year’s average of $8,581 for a home valued at $226,568. The average residential property value in Cherry Hill rose by 0.3 percent during this period.
Property taxes in New Jersey are typically divided into three components: school, municipal, and county. In Cherry Hill for 2023, the breakdown was as follows:
- County: 23.2 percent
- School: 61.7 percent
- Municipal: 15.2 percent
Looking at the broader picture in Camden County, the average property owner paid $7,238 in taxes for a home valued at $182,868. Cherry Hill’s average property tax bill ranked as follows among the county’s 36 municipalities:
- Municipal tax rate: 0.5 percent of the average home’s value (lowest in the county)
- School tax rate: 2.4 percent of the average home’s value (11th-highest)
- Total tax rate: 3.9 percent (25th-highest)
Comparing statewide averages, New Jersey homeowners saw a 3.3 percent increase in property taxes, going from $9,490 in 2022 to $9,803 in 2023. The average property value also rose by 4 percent during the same period, reaching $365,661 from $351,702.
Experts note that a high tax bill may not necessarily indicate unfair treatment for homeowners, as property taxes are often linked to the “benefit principle” of government finance. This principle suggests that those paying the bills are the primary beneficiaries of the services funded by those taxes.
Over the past decade, taxes and home values have consistently risen in New Jersey, irrespective of the political party in the governor’s seat.
