Farmingdale, New Jersey Property Taxes
The median property tax rate in Farmingdale, NJ is 2.09%, 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 Farmingdale at $507,300, the typical annual property tax bill reaches $10,239, far exceeding the national median of $2,690. Property taxes in Farmingdale 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 Farmingdale'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 Farmingdale or another part of Monmouth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmingdale, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$10,603
Ownwell’s Farmingdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmingdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmingdale 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 Farmingdale, New Jersey
Property taxes in Farmingdale, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmingdale is 2.09%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Farmingdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmingdale 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 Farmingdale's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07727 zip code has the highest median property tax rate of 2.09%, while the 07727 zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with Farmingdale 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 Farmingdale Tax Rate
2.09%
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 Farmingdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07727 | 1.84% | 1.95% | 2.09% | 2.18% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Farmingdale, New Jersey
In Farmingdale, 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 Farmingdale, 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 Farmingdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 07727, with a value of $10,239.
Property Tax Assessment Values Across Farmingdale, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Farmingdale Assessed Value
$507,300
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 Farmingdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07727 | $256,180 | $326,375 | $507,300 | $646,275 | $727,470 |
Source: Ownwell
Property Tax Bills Across Farmingdale, New Jersey
In Farmingdale, located in Monmouth County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $507,300. The assessed value is determined by local tax assessors who evaluate properties periodically. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, condition, and recent sales of comparable homes in the area. Homeowners in Farmingdale can expect a wide range in their tax bills. For instance, the 25th percentile tax bill is $6,902, while the 75th percentile tax bill reaches $12,994. At the higher end, the 90th percentile tax bill is $14,970. These property taxes significantly impact homeowners, affecting their monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, the rates in Farmingdale are notably higher, reflecting the area's specific economic and real estate conditions.
Average Farmingdale Tax Bill
$10,239
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 Farmingdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07727 | $5,380 | $6,902 | $10,239 | $12,994 | $14,970 |
Source: Ownwell