Matawan, New Jersey Property Taxes
The median property tax rate in Matawan, NJ is 5.35%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $174,600 in Matawan, the typical annual property tax bill reaches $9,006, far exceeding the national median of $2,690. Property taxes in Matawan are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Matawan'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 Matawan 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
Matawan, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.35%
Estimate Property Tax Bill
$9,341
Ownwell’s Matawan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Matawan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Matawan 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 Matawan, New Jersey
Property taxes in Matawan, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Matawan is 5.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Matawan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Matawan 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 Matawan's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07747 zip code has both the highest and lowest median property tax rate of 5.35%. Understanding how these cities compare with Matawan 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 Matawan Tax Rate
5.35%
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 Matawan, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07747 | 4.70% | 5.18% | 5.35% | 5.35% | 5.35% |
Source: Ownwell
Property Tax Assessment Values Across Matawan, New Jersey
In Matawan, 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 Matawan, 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. For instance, the zip code 07747 has both the highest and lowest median tax bills at $9,006. Being aware of these valuation processes in Matawan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Matawan Assessed Value
$174,600
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 Matawan, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07747 | $59,700 | $112,800 | $174,600 | $224,750 | $268,100 |
Source: Ownwell
Property Tax Bills Across Matawan, New Jersey
In Matawan, 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 property's market value. Homeowners in Middlesex County, where Matawan is located, experience varying tax bills depending on their property's value and specific circumstances. For instance, the median home price in Matawan is $174,600. Homeowners in the 25th percentile see tax bills around $5,683, while those in the 75th percentile face bills of approximately $11,687. At the 90th percentile, tax bills can reach up to $14,172. The highest and lowest median tax bills in Matawan both stand at $9,006, indicating a significant range in property taxes within the area. These tax bills can significantly impact homeowners, influencing decisions on buying, selling, or refinancing properties. Compared to the national median property tax rate of 0.99%, Matawan's rates highlight the importance of understanding local property tax dynamics for effective financial planning.
Average Matawan Tax Bill
$9,006
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 Matawan, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07747 | $2,989 | $5,683 | $9,006 | $11,687 | $14,172 |
Source: Ownwell