Surf City, New Jersey Property Taxes
The median property tax rate in Surf City, NJ is 0.98%, slightly below the national median of 0.99% but significantly lower than the New Jersey state median of 2.82%. With the median home value in Surf City at $707,350, the typical annual property tax bill reaches $6,784, far surpassing the national median of $2,690. Property taxes in Surf City are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Surf City'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 Surf City 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
Surf City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$6,932
Ownwell’s Surf City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Surf City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Surf City 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 Surf City, New Jersey
Property taxes in Surf City, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Surf City is 1.42%, higher than both the New Jersey state median of 1.42% and the U.S. national median of 0.99%. Local government entities within Surf City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Surf City 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 Surf City'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 1.42%, while the 08008 zip code has the lowest median tax rate of 1.42%. Understanding how these cities compare with Surf City 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 Surf City Tax Rate
0.98%
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 Surf City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | 0.90% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Surf City, New Jersey
In Surf City, 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 Surf City, 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. Surf City has a median home price of $707,350, with tax bills ranging from $5,726 at the 25th percentile to $13,559 at the 90th percentile. The zip code 08008 has the highest and lowest median tax bill, both at $6,784. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Surf City Assessed Value
$707,350
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 Surf City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | $538,090 | $593,875 | $707,350 | $989,225 | $1,407,620 |
Source: Ownwell
Property Tax Bills Across Surf City, New Jersey
In Surf City, located in Ocean County, 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 local tax assessor and is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $707,350, homeowners can expect tax bills to vary significantly. The 25th percentile tax bill is around $5,726, while the 75th percentile tax bill reaches up to $9,556. For those at the 90th percentile, the tax bill can be as high as $13,559. These figures are above the national median property tax rate of 0.99%, indicating that property taxes in Surf City are relatively high. This can significantly impact homeowners by increasing the cost of owning property in the area.
Average Surf City Tax Bill
$6,784
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 Surf City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | $5,078 | $5,726 | $6,784 | $9,556 | $13,559 |
Source: Ownwell