Belford, New Jersey Property Taxes
The median property tax rate in Belford, NJ is 1.77%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Belford, the typical annual property tax bill reaches $6,947, exceeding the national median of $2,690. Property taxes in Belford are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Belford'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 Belford 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
Belford, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.77%
Estimate Property Tax Bill
$6,995
Ownwell’s Belford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belford 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 Belford, New Jersey
Property taxes in Belford, NJ, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Belford is 1.77%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Belford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belford 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 Belford's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the zip code 07718 has both the highest and lowest median property tax rate of 1.77%. Understanding how these areas compare with Belford provides valuable insights into the varying tax landscape across Monmouth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belford Tax Rate
1.77%
Average Monmouth County Tax Rate
1.86%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07718 | 1.59% | 1.68% | 1.77% | 1.85% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Belford, New Jersey
In Belford, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Monmouth County Appraisal District for tax purposes. In contrast, 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 Belford, 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. Belford's median home price is $395,200, with property tax bills ranging from $5,777 at the 25th percentile to $9,661 at the 90th percentile. The zip code 07718 has both the highest and lowest median tax bill at $6,947. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Belford, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Belford Assessed Value
$395,200
Average Monmouth County Assessed Value
$467,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07718 | $274,620 | $338,000 | $395,200 | $455,700 | $542,560 |
Source: Ownwell
Property Tax Bills Across Belford, New Jersey
In Belford, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Monmouth County assessor's office and aims to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Belford, the median home price is $395,200. The property tax rate in the area results in substantial tax bills, with the 25th percentile tax bill at $5,777 and the 75th percentile at $8,108. The 90th percentile tax bill can go up to $9,661. Comparatively, these figures are significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. Consequently, homeowners in Belford face considerable annual property tax obligations, impacting their overall cost of homeownership.
Average Belford Tax Bill
$6,947
Average Monmouth County Tax Bill
$8,714
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Belford, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07718 | $4,959 | $5,777 | $6,947 | $8,108 | $9,661 |
Source: Ownwell