Morganville, New Jersey Property Taxes
The median property tax rate in Morganville, NJ is 2.35%, 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 Morganville, the typical annual property tax bill reaches $10,820, exceeding the national median of $2,690. Property taxes in Morganville 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 Morganville'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 Morganville 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
Morganville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$10,848
Ownwell’s Morganville Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Morganville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morganville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Monmouth County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Morganville, New Jersey
Property taxes in Morganville, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morganville is 2.35%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Morganville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morganville 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 Morganville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07751 has the highest median property tax rate of 2.35%, while the same zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Morganville 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 Morganville Tax Rate
2.35%
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 Morganville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07751 | 2.34% | 2.34% | 2.35% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Morganville, New Jersey
In Morganville, 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 Morganville, 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 Morganville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Morganville is $10,820 in the 07751 zip code, which is significantly higher than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Morganville, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Morganville Assessed Value
$461,600
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 Morganville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07751 | $267,940 | $350,775 | $461,600 | $639,325 | $821,030 |
Source: Ownwell
Property Tax Bills Across Morganville, New Jersey
Property tax bills in Morganville, located in Monmouth County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. For example, with a median home price of $461,600, the tax bill can vary significantly depending on the precise assessed value and applicable exemptions. In Morganville, the property tax rate is higher than the national median of 0.99%. Homeowners in this area face a substantial tax burden, with the 25th percentile tax bill at $8,217 and the 75th percentile reaching $14,982. At the 90th percentile, tax bills can soar to $19,284. The highest and lowest median tax bills in the area are both recorded at $10,820 in the 07751 zip code. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Morganville residents. However, the high tax rates can also pose a financial challenge for homeowners, influencing decisions about homeownership and long-term residency in the region.
Average Morganville Tax Bill
$10,820
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 Morganville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07751 | $6,253 | $8,217 | $10,820 | $14,982 | $19,284 |
Source: Ownwell