Wall Township, New Jersey Property Taxes
The median property tax rate in Wall Township, NJ is 2.01%, 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 Wall Township at $383,200, the typical annual property tax bill reaches $7,557, significantly exceeding the national median of $2,690. Property taxes in Wall Township 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 Wall Township'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 Wall Township 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
Wall Township, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$7,702
Ownwell’s Wall Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wall Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wall Township 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 Wall Township, New Jersey
Property taxes in Wall Township, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wall Township is 2.01%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Wall Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wall Township 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 Wall Township's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the 07719 zip code has the highest median property tax rate of 2.01%, while the 08724 zip code has the lowest median tax rate of 2.00%. Understanding how these areas compare with Wall Township 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 Wall Township Tax Rate
2.01%
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 Wall Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | 1.85% | 1.97% | 2.01% | 2.01% | 2.02% |
| 07727 | 1.82% | 1.93% | 2.01% | 2.01% | 2.01% |
| 07731 | 1.92% | 2.00% | 2.00% | 2.00% | 2.00% |
| 07753 | 1.87% | 2.01% | 2.01% | 2.01% | 2.01% |
| 08724 | 1.89% | 2.00% | 2.00% | 2.00% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Wall Township, New Jersey
In Wall Township, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Assessor 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 Wall Township, 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. For instance, the median home price in Wall Township is $383,200, with property tax bills ranging significantly. The highest median tax bill, found in zip code 08724, is $11,872, while the lowest, in zip code 07719, is $7,378. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wall Township, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Wall Township Assessed Value
$383,200
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 Wall Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | $264,370 | $302,525 | $374,900 | $511,675 | $672,330 |
| 07727 | $267,360 | $325,100 | $398,800 | $512,200 | $649,960 |
| 07731 | $433,650 | $515,875 | $546,700 | $665,575 | $778,920 |
| 07753 | $360,000 | $404,600 | $538,500 | $709,850 | $882,600 |
| 08724 | $392,900 | $464,400 | $594,500 | $679,400 | $858,380 |
Source: Ownwell
Property Tax Bills Across Wall Township, New Jersey
Property tax bills in Wall Township, Monmouth County, NJ, are calculated based on the assessed value of a property and the local tax rate. Homeowners in Wall Township face a property tax rate higher than the national median of 0.99%. The median home price in Wall Township is $383,200, and the tax bill varies significantly across the area. For instance, the tax bill at the 25th percentile is $6,021, while at the 75th percentile, it is $10,526. The 90th percentile sees tax bills as high as $13,719. This variability is influenced by factors such as property location, home size, and market conditions. The highest median tax bill in Monmouth County is $11,872 in the 08724 zip code, whereas the lowest is $7,378 in the 07719 zip code. These property taxes fund essential services like schools, infrastructure, and emergency services, directly impacting homeowners' financial planning and the overall cost of living in the area.
Average Wall Township Tax Bill
$7,557
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 Wall Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | $5,122 | $5,929 | $7,378 | $10,143 | $13,371 |
| 07727 | $4,861 | $6,088 | $7,560 | $10,198 | $13,045 |
| 07731 | $8,660 | $10,156 | $11,179 | $13,292 | $15,555 |
| 07753 | $7,121 | $8,022 | $10,788 | $14,376 | $17,519 |
| 08724 | $7,846 | $9,274 | $11,872 | $13,568 | $16,715 |
Source: Ownwell