Highlands, New Jersey Property Taxes
The median property tax rate in Highlands, NJ is 2.21%, 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 Highlands at $309,900, the typical annual property tax bill reaches $6,715, exceeding the national median of $2,690. Property taxes in Highlands 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 Highlands' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Highlands 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
Highlands, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$6,849
Ownwell’s Highlands Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highlands with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highlands 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 Highlands, New Jersey
Property taxes in Highlands, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highlands is 2.21%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Highlands set these rates annually, and they can vary across different neighborhoods. Each year, Highlands 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 Highlands' effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07732 zip code has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these values compare with Highlands 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 Highlands Tax Rate
2.21%
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 Highlands, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07732 | 1.83% | 1.99% | 2.21% | 2.23% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Highlands, New Jersey
In Highlands, 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 Highlands, 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 Highlands stands at $309,900, with tax bills ranging from $4,973 at the 25th percentile to $11,552 at the 90th percentile. Notably, the zip code 07732 has both the highest and lowest median tax bill at $6,715. 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 Highlands helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Highlands, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Highlands Assessed Value
$309,900
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 Highlands, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07732 | $181,860 | $232,750 | $309,900 | $417,650 | $552,960 |
Source: Ownwell
Property Tax Bills Across Highlands, New Jersey
In Highlands, NJ, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the Monmouth County Assessor's office and is intended to represent a percentage of the property's market value. Various factors influence this assessed value, including the property's size, age, location, and any improvements made. For homeowners in Highlands, the median home price stands at $309,900. Property tax bills can vary significantly, with the 25th percentile tax bill at $4,973 and the 75th percentile tax bill reaching $8,978. At the high end, the 90th percentile tax bill can be as much as $11,552. The highest and lowest median tax bills in the area both stand at $6,715, reflecting the zip code 07732. Comparatively, the national median property tax rate is 0.99%, making Highlands' property taxes relatively high. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Highlands Tax Bill
$6,715
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 Highlands, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07732 | $3,721 | $4,973 | $6,715 | $8,978 | $11,552 |
Source: Ownwell