Keyport, New Jersey Property Taxes
The median property tax rate in Keyport, NJ is 5.35%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Keyport at $112,600, the typical annual property tax bill reaches $5,821, far exceeding the national median of $2,690. Property taxes in Keyport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Keyport's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Keyport or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keyport, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.35%
Estimate Property Tax Bill
$6,024
Ownwell’s Keyport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keyport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keyport to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Keyport, New Jersey
Property taxes in Keyport, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keyport is 5.35%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Keyport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keyport estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Keyport's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07735 zip code has both the highest and lowest median property tax rate of 5.35%. Understanding how these cities compare with Keyport provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keyport Tax Rate
5.35%
Average Middlesex County Tax Rate
5.10%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keyport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07735 | 4.62% | 5.02% | 5.35% | 5.35% | 5.35% |
Source: Ownwell
Property Tax Assessment Values Across Keyport, New Jersey
In Keyport, New Jersey, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. On the other hand, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Keyport, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For example, the median home price in Keyport is $112,600, with tax bills ranging from $4,640 at the 25th percentile to $7,340 at the 90th percentile. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This knowledge also helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Keyport Assessed Value
$112,600
Average Middlesex County Assessed Value
$158,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keyport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07735 | $80,750 | $91,800 | $112,600 | $126,300 | $140,150 |
Source: Ownwell
Property Tax Bills Across Keyport, New Jersey
In Keyport, Middlesex County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and physical characteristics. For homeowners in Keyport, the median home price is $112,600, resulting in varying tax bills. The tax bill at the 25th percentile is $4,640, while at the 75th percentile, it rises to $6,565. At the 90th percentile, homeowners can expect to pay around $7,340. Comparatively, the highest and lowest median tax bills within the area are both $5,821, specifically in the 07735 zip code. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding these factors can help homeowners anticipate their annual financial obligations and plan accordingly.
Average Keyport Tax Bill
$5,821
Average Middlesex County Tax Bill
$7,840
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Keyport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07735 | $3,941 | $4,640 | $5,821 | $6,565 | $7,340 |
Source: Ownwell