Bay Head, New Jersey Property Taxes
The median property tax rate in Bay Head, NJ is 0.90%, which is lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Bay Head at $1,090,900, the typical annual property tax bill reaches $9,663, significantly higher than the national median of $2,690. Property taxes in Bay Head 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 Bay Head'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 Bay Head 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
Bay Head, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$9,818
Ownwell’s Bay Head Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bay Head with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bay Head 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 Bay Head, New Jersey
Property taxes in Bay Head, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bay Head is 1.68%, higher than both the New Jersey state median of 1.76% and the U.S. national median of 0.99%. Local government entities within Bay Head set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bay Head 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 Bay Head's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08742 zip code has the highest median property tax rate of 1.68%, while 08742 also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Bay Head provides valuable insights into the varying tax landscape across Ocean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bay Head Tax Rate
0.90%
Average Ocean County Tax Rate
2.26%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bay Head, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08742 | 0.87% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Bay Head, New Jersey
In Bay Head, 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 Ocean 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. 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 Bay Head helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bay Head, the median home price is $1,090,900, with the 25th percentile tax bill at $7,570 and the 75th percentile at $14,653. The highest and lowest median tax bills are both $9,663, found in the 08742 zip code. This contrasts with the national median property tax rate of 0.99%.
Average Bay Head Assessed Value
$1,090,900
Average Ocean County Assessed Value
$281,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bay Head, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08742 | $684,680 | $851,000 | $1,090,900 | $1,642,700 | $3,348,020 |
Source: Ownwell
Property Tax Bills Across Bay Head, New Jersey
In Bay Head, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Bay Head, the median home price stands at $1,090,900, which significantly impacts the tax bills. For instance, homeowners at the 25th percentile can expect a tax bill around $7,570, while those at the 75th percentile might see a tax bill close to $14,653. At the 90th percentile, tax bills can reach as high as $29,456. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values in this region. Homeowners in Bay Head, therefore, need to consider these substantial tax obligations when budgeting for home ownership.
Average Bay Head Tax Bill
$9,663
Average Ocean County Tax Bill
$5,983
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bay Head, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08742 | $6,121 | $7,570 | $9,663 | $14,653 | $29,456 |
Source: Ownwell