Ocean View, New Jersey Property Taxes
The median property tax rate in Ocean View, NJ is 1.61%, 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 Ocean View, the typical annual property tax bill reaches $5,106, exceeding the national median of $2,690. Property taxes in Ocean View 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 Ocean View'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 Ocean View 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
Ocean View, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$5,166
Ownwell’s Ocean View Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocean View with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocean View 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 Ocean View, New Jersey
Property taxes in Ocean View, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocean View is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ocean View set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocean View 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 Ocean View's effective property tax rate to other areas and the national median. For comparison, the zip code 08230 has the highest and lowest median property tax rate of 1.61%. Understanding how these areas compare with Ocean View provides valuable insights into the varying tax landscape across Cape May County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ocean View Tax Rate
1.61%
Average Cape May County Tax Rate
1.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocean View, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08230 | 1.48% | 1.48% | 1.61% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Ocean View, New Jersey
In Ocean View, 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 Cape May 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 Ocean View, 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 Ocean View helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $320,891, with the 25th percentile tax bill at $1,694 and the 75th percentile tax bill at $6,518. The highest and lowest median tax bills, both $5,106, are found in the 08230 zip code.
Property Tax Assessment Values Across Ocean View, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Ocean View Assessed Value
$320,891
Average Cape May County Assessed Value
$477,646
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ocean View, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08230 | $60,267 | $114,132 | $320,891 | $408,443 | $514,430 |
Source: Ownwell
Property Tax Bills Across Ocean View, New Jersey
In Ocean View, NJ, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local authorities. Homeowners in Ocean View, part of Cape May County, face varying tax bills depending on their property's assessed value and the specific tax rates applied. The median home price in Ocean View is $320,891, and property tax bills can vary significantly. For instance, homeowners at the 25th percentile pay around $1,694, while those at the 75th percentile face tax bills of approximately $6,518. The highest tax bills, at the 90th percentile, can reach up to $8,247. These figures illustrate the range of tax burdens homeowners might encounter. Compared to the national median property tax rate of 0.99%, the property tax bills in Ocean View reflect local economic conditions and municipal budget requirements. These taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Ocean View Tax Bill
$5,106
Average Cape May County Tax Bill
$5,051
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocean View, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08230 | $942 | $1,694 | $5,106 | $6,518 | $8,247 |
Source: Ownwell