Fair Haven, New Jersey Property Taxes
The median property tax rate in Fair Haven, NJ is 1.66%, 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 Fair Haven at $858,200, the typical annual property tax bill reaches $14,128, significantly exceeding the national median of $2,690. Property taxes in Fair Haven 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 Fair Haven'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 Fair Haven 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
Fair Haven, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$14,246
Ownwell’s Fair Haven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fair Haven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fair Haven 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 Fair Haven, New Jersey
Property taxes in Fair Haven, New Jersey, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Fair Haven is 1.66%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Fair Haven set these rates annually, and they can vary across different neighborhoods. Each year, Fair Haven 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 Fair Haven's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the zip code 07704 has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these areas compare with Fair Haven 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 Fair Haven Tax Rate
1.66%
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 Fair Haven, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07704 | 1.50% | 1.58% | 1.66% | 1.73% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Fair Haven, New Jersey
In Fair Haven, 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 Fair Haven, 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 example, the highest median tax bill in Fair Haven is $14,128 in the zip code 07704, which is also the lowest. Being aware of these valuation processes in Fair Haven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fair Haven, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Fair Haven Assessed Value
$858,200
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 Fair Haven, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07704 | $542,760 | $661,600 | $858,200 | $1,137,500 | $1,573,120 |
Source: Ownwell
Property Tax Bills Across Fair Haven, New Jersey
In Fair Haven, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Monmouth County. The assessed value is determined by the county assessor and is intended to reflect the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, Fair Haven homeowners experience a wide range of property tax bills, with the 25th percentile at $10,590 and the 75th percentile at $18,650. Factors influencing the tax bill include the property's location, size, and condition, as well as any applicable exemptions or deductions. These tax bills significantly impact homeowners, as they represent a substantial annual expense. For context, the highest median tax bill in Fair Haven is $14,128, which is considerably higher than the national median property tax rate of 0.99%. This high tax burden underscores the importance of understanding local property tax calculations and seeking potential exemptions.
Average Fair Haven Tax Bill
$14,128
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 Fair Haven, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07704 | $8,858 | $10,590 | $14,128 | $18,650 | $26,261 |
Source: Ownwell