Property Taxes Went Up In Cherry Hill: See The Latest Breakdown

CHERRY HILL, NJ — The average homeowner's property tax bill in Cherry Hill rose by 3.2 percent over the prior year. But the township had the lowest municipal tax rate in Camden County, according to the latest state data.

The New Jersey Department of Community Affairs recently released the 2023 tax tables for each municipality in the state.

In 2023, the average Cherry Hill homeowner paid $8,857 in property taxes on a home valued at $227,281 — up from last year's average of $8,581 in taxes on a $226,568 home.

Cherry Hill's average residential property value increased by 0.3 percent in that span.

Property taxes in New Jersey are mainly made up of three parts: school, municipal and county. Here's how that played out in Cherry Hill for 2023, according to state data:

• County: 23.2 percent
• School: 61.7 percent
• Municipal: 15.2 percent

In total, the average Camden County property owner paid $7,238 in taxes on a home valued at $182,868. Here's where Cherry Hill's average property tax bill ranked 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)

Statewide, the average homeowner went from paying $9,490 in property taxes in 2022 to $9,803 last year — up 3.3 percent. The average property value rose 4 percent in that span, going from $351,702 to $365,661.

Some experts have pointed out that a high tax bill doesn't necessarily mean a homeowner is getting ripped off – it depends on what you get for the money.

"While no taxpayers in high-tax jurisdictions will be celebrating their yearly payments, it's worth noting that property taxes are largely rooted in the 'benefit principle' of government finance — the people paying the bills are most often the ones benefiting from the services," researchers from The Tax Foundation recently wrote.

Taxes and home values have gone up steadily throughout New Jersey over the past decade, regardless of what political party is in the governor's seat.