Belmar, New Jersey Property Taxes
The median property tax rate in Belmar, NJ is 1.36%, 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 Belmar at $515,900, the typical annual property tax bill reaches $6,744, exceeding the national median of $2,690. Property taxes in Belmar 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 Belmar'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 Belmar 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
Belmar, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$7,016
Ownwell’s Belmar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmar 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 Belmar, New Jersey
Property taxes in Belmar, New Jersey, are essential in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmar is 1.36%, higher than the U.S. national median of 0.99%. Local government entities within Belmar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmar 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 Belmar's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07719 has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these areas compare with Belmar 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 Belmar Tax Rate
1.36%
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 Belmar, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | 1.13% | 1.26% | 1.36% | 1.36% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Belmar, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Belmar, New Jersey. 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 Belmar, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Belmar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 07719 has the highest and lowest median tax bill, both at $6,744.
Average Belmar Assessed Value
$515,900
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 Belmar, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | $241,100 | $339,500 | $515,900 | $712,900 | $938,380 |
Source: Ownwell
Property Tax Bills Across Belmar, New Jersey
In Belmar, Monmouth County, 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 county assessor and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. In Belmar, the median home price is $515,900, leading to varying tax bills across different percentiles. For instance, homeowners at the 25th percentile pay around $4,884, while those at the 75th percentile face a tax bill of approximately $9,271, with the 90th percentile reaching up to $12,567. These property taxes significantly impact homeowners, adding to their annual housing costs. Compared to the national median property tax rate of 0.99%, Belmar's tax rates can be relatively high, reflecting the area's desirability and property values.
Average Belmar Tax Bill
$6,744
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 Belmar, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | $3,231 | $4,884 | $6,744 | $9,271 | $12,567 |
Source: Ownwell