Neptune City, New Jersey Property Taxes
The median property tax rate in Neptune City, NJ is 1.89%, 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 Neptune City at $338,950, the typical annual property tax bill reaches $6,382, exceeding the national median of $2,690. Property taxes in Neptune City 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 Neptune City'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 Neptune City 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
Neptune City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$6,406
Ownwell’s Neptune City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neptune City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neptune City 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 Neptune City, New Jersey
Property taxes in Neptune City, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neptune City is 1.89%, significantly higher than the U.S. national median of 0.99%. Local government entities within Neptune City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neptune City 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 Neptune City's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the 07753 zip code has the highest median property tax rate of 1.89%, while the 07753 zip code also has the lowest median tax rate of 1.89%. Understanding how these areas compare with Neptune City 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 Neptune City Tax Rate
1.89%
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 Neptune City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07753 | 1.75% | 1.83% | 1.89% | 1.93% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Neptune City, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Neptune City, 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 local 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. Assessment notices in Neptune City 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 Neptune City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $6,382, found in the 07753 zip code.
Property Tax Assessment Values Across Neptune City, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Neptune City Assessed Value
$338,950
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 Neptune City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07753 | $282,120 | $307,000 | $338,950 | $402,125 | $442,410 |
Source: Ownwell
Property Tax Bills Across Neptune City, New Jersey
In Neptune City, 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 municipality and reflects the market value of the property. Homeowners in Neptune City face a median property tax bill of $6,382, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, home improvements, and neighborhood amenities. For instance, the 25th percentile tax bill is $5,616, while the 75th percentile reaches $7,466, and the 90th percentile can be as high as $8,683. These variations show how different property characteristics and market conditions can affect the tax amount. High property taxes can impact homeowners by increasing the overall cost of property ownership, potentially affecting affordability. However, they also contribute to local services like schools, infrastructure, and public safety, which can enhance community living standards.
Average Neptune City Tax Bill
$6,382
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 Neptune City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07753 | $5,001 | $5,616 | $6,382 | $7,466 | $8,683 |
Source: Ownwell