Rumson, New Jersey Property Taxes
The median property tax rate in Rumson, NJ is 1.26%, considerably higher than the national median of 0.99% but significantly lower than the New Jersey state median of 2.82%. With the median home value in Rumson at $1,379,950, the typical annual property tax bill reaches $18,135, far exceeding the national median of $2,690. Property taxes in Rumson 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 Rumson'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 Rumson 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
Rumson, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$17,387
Ownwell’s Rumson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rumson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rumson 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 Rumson, New Jersey
Property taxes in Rumson, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rumson is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rumson set these rates annually, and they can vary across different neighborhoods. Each year, Rumson 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 Rumson's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07760 has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these rates compare with Rumson 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 Rumson Tax Rate
1.26%
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 Rumson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07760 | 1.17% | 1.24% | 1.26% | 1.28% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Rumson, New Jersey
In Rumson, 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 Rumson, 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 Rumson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07760 has the highest and lowest median tax bill, both at $18,135.
Average Rumson Assessed Value
$1,379,950
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 Rumson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07760 | $671,750 | $876,550 | $1,379,950 | $2,102,700 | $3,051,100 |
Source: Ownwell
Property Tax Bills Across Rumson, New Jersey
In Rumson, located in 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 local tax assessor and is intended to reflect the market value of the property. Homeowners in Rumson face a median home price of $1,379,950, significantly higher than the national median. The tax bill is influenced by several factors, including property size, location, and improvements. For instance, the tax bill at the 25th percentile is $11,409, while the 75th percentile reaches $27,275. At the 90th percentile, homeowners may see tax bills as high as $40,221. These figures highlight the considerable range in tax liabilities based on property values and other determining factors. Compared to the national median property tax rate of 0.99%, Rumson's property taxes are notably high, affecting homeowners' annual financial obligations significantly. The highest and lowest median tax bills in the area are both $18,135, indicating a consistent tax rate within the 07760 zip code.
Average Rumson Tax Bill
$18,135
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 Rumson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07760 | $8,648 | $11,409 | $18,135 | $27,275 | $40,221 |
Source: Ownwell