Avenel, New Jersey Property Taxes
The median property tax rate in Avenel, NJ is 11.42%, 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 Avenel, the typical annual property tax bill reaches $7,676, exceeding the national median of $2,690. Property taxes in Avenel 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 Avenel'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 Avenel 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
Avenel, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
11.42%
Estimate Property Tax Bill
$7,948
Ownwell’s Avenel Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Avenel. By simply entering your property's estimated assessed value, our calculator applies the median tax rate specific to Avenel to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities better. For those interested in more detailed insights at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Middlesex County, serves as the basis for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Avenel, New Jersey
Property taxes in Avenel, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Avenel is 11.42%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Avenel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Avenel 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 Avenel's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07001 zip code has the highest median property tax rate of 11.42%, while the 07001 zip code also has the lowest median tax rate of 11.42%. Understanding how these cities compare with Avenel provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Avenel Tax Rate
11.42%
Average Middlesex County Tax Rate
5.10%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Avenel, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07001 | 10.08% | 10.79% | 11.42% | 11.42% | 11.42% |
Source: Ownwell
Property Tax Assessment Values Across Avenel, New Jersey
In Avenel, 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 Middlesex 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 Avenel, 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 Avenel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $7,676 in the 07001 zip code.
Average Avenel Assessed Value
$69,600
Average Middlesex County Assessed Value
$158,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Avenel, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07001 | $54,800 | $61,400 | $69,600 | $80,900 | $98,100 |
Source: Ownwell
Property Tax Bills Across Avenel, New Jersey
In Avenel, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Middlesex County. The median home price in Avenel is $69,600, which serves as a baseline for determining the tax bill. The local tax rate is applied to the assessed value, resulting in the final tax bill for homeowners. Various factors such as property size, location, and improvements can influence the assessed value, thereby affecting the overall tax bill. Homeowners in Avenel experience a range of property tax bills. For example, the tax bill at the 25th percentile is $6,602, while the 75th percentile sees a tax bill of $8,989. At the 90th percentile, the tax bill can reach up to $10,866. Comparatively, the national median property tax rate is 0.99%, highlighting that property taxes in Avenel are relatively high. These tax bills can significantly impact homeowners by influencing monthly expenses and long-term financial planning.
Average Avenel Tax Bill
$7,676
Average Middlesex County Tax Bill
$7,840
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Avenel, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07001 | $5,671 | $6,602 | $7,676 | $8,989 | $10,866 |
Source: Ownwell