Ship Bottom, New Jersey Property Taxes
The median property tax rate in Ship Bottom, NJ is 1.06%, which is higher than the national median of 0.99% but significantly lower than the New Jersey state median of 2.82%. With a median home value of $594,050, the typical annual property tax bill in Ship Bottom reaches $6,170, far exceeding the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Ship Bottom'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 Ship Bottom 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
Ship Bottom, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$6,297
Ownwell’s SHIP BOTTOM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SHIP BOTTOM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SHIP BOTTOM 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 Ship Bottom, New Jersey
Property taxes in Ship Bottom, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Ship Bottom is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Ship Bottom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ship Bottom 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 Ship Bottom's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08008 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Ship Bottom 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 Ship Bottom Tax Rate
1.06%
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 Ship Bottom, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | 1.01% | 1.06% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Ship Bottom, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ship Bottom, New Jersey. 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 Ship Bottom, 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 Ship Bottom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ship Bottom is $594,050, with the 25th percentile tax bill at $4,824 and the 75th percentile tax bill at $8,411. The highest and lowest median tax bills are both $6,170 in the 08008 zip code.
Property Tax Assessment Values Across Ship Bottom, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Ship Bottom Assessed Value
$594,050
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 Ship Bottom, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | $361,050 | $466,625 | $594,050 | $814,975 | $1,094,150 |
Source: Ownwell
Property Tax Bills Across Ship Bottom, New Jersey
In Ship Bottom, located in Ocean County, NJ, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in this area is $594,050, and property taxes are calculated by multiplying the assessed value by the local tax rate. This region's property tax rates are notably higher than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Ship Bottom experience a range of tax bills, with the 25th percentile at $4,824 and the 75th percentile at $8,411. The top 10% of tax bills can reach up to $11,465. The median tax bill in the area is $6,170, which is consistent across the 08008 zip code. The high property tax rates can significantly impact homeowners, potentially affecting affordability and the overall cost of living in this coastal community. Understanding these factors is crucial for homeowners planning their finances and considering property investments in Ship Bottom.
Average Ship Bottom Tax Bill
$6,170
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 Ship Bottom, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | $3,691 | $4,824 | $6,170 | $8,411 | $11,465 |
Source: Ownwell