Jackson, New Jersey Property Taxes
The median property tax rate in Jackson, NJ is 2.53%, 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 Jackson, the typical annual property tax bill reaches $7,561, far exceeding the national median of $2,690. Property taxes in Jackson 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 Jackson'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 Jackson 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
Jackson, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$7,699
Ownwell’s Jackson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jackson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jackson 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 Jackson, New Jersey
Property taxes in Jackson, New Jersey, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Jackson is 2.53%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Jackson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jackson 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 Jackson's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08527 zip code has the highest median property tax rate of 2.53%, while the same zip code also has the lowest median tax rate of 2.53%. Understanding how these areas compare with Jackson 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 Jackson Tax Rate
2.53%
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 Jackson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08527 | 2.32% | 2.50% | 2.53% | 2.58% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Jackson, New Jersey
In Jackson, 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 Jackson, 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. For example, the median home price in Jackson is $304,300, with property tax bills ranging from $6,098 at the 25th percentile to $12,496 at the 90th percentile. The zip code 08527 has both the highest and lowest median tax bill, at $7,561. Being aware of these valuation processes in Jackson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jackson Assessed Value
$304,300
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 Jackson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08527 | $199,300 | $244,600 | $304,300 | $404,800 | $493,390 |
Source: Ownwell
Property Tax Bills Across Jackson, New Jersey
In Jackson, 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 Ocean County tax assessor, reflecting a percentage of the property's market value. Homeowners in Jackson face a median property tax rate of 2.49%, significantly higher than the national median of 0.99%. This results in substantial tax bills for homeowners. For instance, the 25th percentile tax bill is $6,098, while the 75th percentile tax bill reaches $10,174. At the 90th percentile, homeowners can expect to pay up to $12,496. Several factors influence the tax bill, including property size, location, and improvements. These taxes fund essential local services such as schools, public safety, and infrastructure. Consequently, high property taxes can impact homeowners' financial planning and overall cost of living. Understanding these factors is crucial for homeowners to manage their expenses and plan for future property-related costs effectively.
Average Jackson Tax Bill
$7,561
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 Jackson, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08527 | $4,877 | $6,098 | $7,561 | $10,174 | $12,496 |
Source: Ownwell