Colts Neck, New Jersey Property Taxes
The median property tax rate in Colts Neck, NJ is 1.66%, 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 Colts Neck at $765,400, the typical annual property tax bill reaches $12,576, significantly exceeding the national median of $2,690. Property taxes in Colts Neck 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 Colts Neck'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 Colts Neck 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
Colts Neck, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$12,706
Ownwell’s Colts Neck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colts Neck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colts Neck 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 Colts Neck, New Jersey
Property taxes in Colts Neck, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colts Neck is 1.66%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Colts Neck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colts Neck 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 Colts Neck's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07722 has both the highest and lowest median property tax rate of 1.66%. Understanding how these areas compare with Colts Neck 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 Colts Neck Tax Rate
1.66%
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 Colts Neck, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07722 | 1.48% | 1.58% | 1.66% | 1.69% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Colts Neck, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Colts Neck, NJ. 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 Colts Neck, 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. The median home price in Colts Neck stands at $765,400, with tax bills ranging significantly. For instance, the tax bill at the 25th percentile is $9,917, while at the 75th percentile, it is $17,534. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Colts Neck, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Colts Neck Assessed Value
$765,400
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 Colts Neck, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07722 | $500,800 | $605,050 | $765,400 | $1,114,400 | $1,593,200 |
Source: Ownwell
Property Tax Bills Across Colts Neck, New Jersey
In Colts Neck, property tax bills are calculated based on the assessed value of the home and the local tax rate. Homeowners in Monmouth County, NJ, typically face higher property tax bills compared to the national median rate of 0.99%. The median home price in Colts Neck is $765,400, which significantly influences the tax burden. The tax bill for the 25th percentile is $9,917, while for the 75th percentile, it rises to $17,534. At the 90th percentile, homeowners can expect to pay around $25,644 annually. The highest and lowest median tax bills in Colts Neck are both $12,576, indicating a consistent tax rate across the area. Factors such as property size, location, and any applicable exemptions or appeals can further affect the final tax bill. For homeowners, these property taxes fund essential local services such as schools, infrastructure, and emergency services, making it crucial to understand and manage their property tax obligations effectively.
Average Colts Neck Tax Bill
$12,576
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 Colts Neck, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07722 | $8,094 | $9,917 | $12,576 | $17,534 | $25,644 |
Source: Ownwell