Monroeville, New Jersey Property Taxes
The median property tax rate in Monroeville, NJ is 2.91%, 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 Monroeville at $240,850, the typical annual property tax bill reaches $6,971, exceeding the national median of $2,690. Property taxes in Monroeville 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 Monroeville'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 Monroeville 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
Monroeville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.91%
Estimate Property Tax Bill
$7,009
Ownwell’s Monroeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroeville 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 Monroeville, New Jersey
Property taxes in Monroeville, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroeville is 2.91%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Monroeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroeville 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 Monroeville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08343 zip code has the highest median property tax rate of 2.91%, while the same zip code also has the lowest median tax rate of 2.91%. Understanding how these cities compare with Monroeville provides valuable insights into the varying tax landscape across Salem County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroeville Tax Rate
2.91%
Average Salem County Tax Rate
3.71%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroeville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08343 | 2.80% | 2.91% | 2.91% | 2.92% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Monroeville, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monroeville, NJ. 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 Salem 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 Monroeville, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monroeville is $240,850. Homeowners in the 25th percentile face a tax bill of $5,742, while those in the 75th percentile pay around $8,728. The highest and lowest median tax bills are both $6,971 in the 08343 zip code.
Average Monroeville Assessed Value
$240,850
Average Salem County Assessed Value
$154,700
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroeville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08343 | $165,770 | $199,875 | $240,850 | $302,075 | $354,150 |
Source: Ownwell
Property Tax Bills Across Monroeville, New Jersey
In Monroeville, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in Monroeville, located in Salem County, experience property tax bills that reflect various factors, including the assessed value of their property and the county's tax rate. For example, a median home price in Monroeville is $240,850. The tax bill can vary significantly, with the 25th percentile tax bill at $5,742 and the 75th percentile tax bill at $8,728. At the 90th percentile, homeowners might see a tax bill as high as $10,239. These tax bills are influenced by local government budgets, school funding, and other municipal services. Compared to the national median property tax rate of 0.99%, Monroeville's property taxes can be quite substantial. This financial burden can impact homeowners by increasing their annual expenses and affecting their overall cost of living. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate future tax liabilities.
Average Monroeville Tax Bill
$6,971
Average Salem County Tax Bill
$5,715
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroeville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08343 | $4,776 | $5,742 | $6,971 | $8,728 | $10,239 |
Source: Ownwell