Island Heights, New Jersey Property Taxes
The median property tax rate in Island Heights, NJ is 2.03%, 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 Island Heights at $352,800, the typical annual property tax bill reaches $7,110, exceeding the national median of $2,690. Property taxes in Island Heights 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 Island Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Island Heights 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
Island Heights, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$7,162
Ownwell’s Island Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Island Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Island Heights 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 Island Heights, New Jersey
Property taxes in Island Heights, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Island Heights is 2.03%, significantly higher than the U.S. national median of 0.99%. Local government entities within Island Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island Heights 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 Island Heights' effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08732 has the highest median property tax rate of 2.03%, while the same zip code also has the lowest median tax rate of 2.03%. Understanding how these cities compare with Island Heights 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 Island Heights Tax Rate
2.03%
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 Island Heights, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08732 | 1.86% | 2.01% | 2.03% | 2.03% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Island Heights, New Jersey
In Island Heights, 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. In Island Heights, 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 Island Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Island Heights is $352,800, with tax bills ranging from $5,760 at the 25th percentile to $13,903 at the 90th percentile. The zip code 08732 has both the highest and lowest median tax bill, which is $7,110. This comparison to the national median property tax rate of 0.99% highlights the importance of understanding local tax assessments and exemptions.
Property Tax Assessment Values Across Island Heights, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Island Heights Assessed Value
$352,800
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 Island Heights, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08732 | $235,450 | $294,500 | $352,800 | $457,875 | $686,090 |
Source: Ownwell
Property Tax Bills Across Island Heights, New Jersey
In Island Heights, 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 municipal tax assessor and is a percentage of the market value of the property. Homeowners in Island Heights, located in Ocean County, NJ, can expect property tax rates to be influenced by local budgetary needs, school funding, and public services. For instance, with a median home price of $352,800, the property tax bill can vary significantly. The 25th percentile tax bill is $5,760, while the 75th percentile tax bill is $9,164, and the 90th percentile tax bill reaches $13,903. The highest and lowest median tax bills in the area are both $7,110, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills can have a substantial impact on homeowners, affecting monthly mortgage payments and overall affordability. Understanding how these taxes are calculated helps homeowners plan their finances and anticipate annual expenses.
Average Island Heights Tax Bill
$7,110
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 Island Heights, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08732 | $4,635 | $5,760 | $7,110 | $9,164 | $13,903 |
Source: Ownwell