Cliffwood, New Jersey Property Taxes
The median property tax rate in Cliffwood, NJ is 2.36%, 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 Cliffwood at $275,900, the typical annual property tax bill reaches $6,757, far exceeding the national median of $2,690. Property taxes in Cliffwood 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 Cliffwood'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 Cliffwood 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
Cliffwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$6,511
Ownwell’s Cliffwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cliffwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cliffwood 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 Cliffwood, New Jersey
Property taxes in Cliffwood, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cliffwood is 2.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cliffwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cliffwood 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 Cliffwood's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the zip code 07721 has the highest median property tax rate of 2.36%, while the lowest median tax rate is also 2.36%. Understanding how these cities compare with Cliffwood provides valuable insights into the varying tax landscape across Monmouth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cliffwood Tax Rate
2.36%
Average Monmouth County Tax Rate
1.86%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cliffwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07721 | 2.12% | 2.21% | 2.36% | 2.39% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Cliffwood, New Jersey
In Cliffwood, 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 Monmouth 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 Cliffwood, 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. The zip code 07721 in Cliffwood has a median property tax bill of $6,757. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cliffwood, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Cliffwood Assessed Value
$275,900
Average Monmouth County Assessed Value
$467,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cliffwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07721 | $48,500 | $125,700 | $275,900 | $383,725 | $446,450 |
Source: Ownwell
Property Tax Bills Across Cliffwood, New Jersey
In Cliffwood, located in Monmouth 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 aims to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and condition. Other considerations might include recent sales prices of similar homes in the area and any improvements or additions made to the property. For homeowners in Cliffwood, this process means that property taxes can vary significantly. For example, the 25th percentile tax bill is $3,916, while the 75th percentile tax bill is $8,836, and the 90th percentile tax bill is $10,508. The highest median tax bill in the area is $6,757, which is significantly higher than the national median property tax rate of 0.99%. This substantial range in tax bills highlights the importance of understanding how local assessments and tax rates impact overall property tax obligations.
Average Cliffwood Tax Bill
$6,757
Average Monmouth County Tax Bill
$8,714
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Cliffwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07721 | $2,975 | $3,916 | $6,757 | $8,836 | $10,508 |
Source: Ownwell