Freehold, New Jersey Property Taxes
The median property tax rate in Freehold, NJ is 1.96%, 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 Freehold, the typical annual property tax bill reaches $8,171, exceeding the national median of $2,690. Property taxes in Freehold 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 Freehold'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 Freehold 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
Freehold, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$7,916
Ownwell’s Freehold Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freehold with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freehold 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 Monmouth County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Freehold, New Jersey
Property taxes in Freehold, New Jersey, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Freehold is 1.96%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Freehold set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freehold 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 Freehold's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07728 has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Freehold 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 Freehold Tax Rate
1.96%
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 Freehold, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07728 | 1.80% | 1.89% | 1.96% | 2.06% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Freehold, New Jersey
In Freehold, 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 local 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 Freehold, 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. For instance, the median home price in Freehold is $403,900, with tax bills ranging from $5,700 at the 25th percentile to $15,153 at the 90th percentile. Notably, the highest and lowest median tax bills are both $8,171 in the 07728 zip code. 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 Freehold helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Freehold, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Freehold Assessed Value
$403,900
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 Freehold, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07728 | $216,700 | $288,500 | $403,900 | $585,500 | $768,820 |
Source: Ownwell
Property Tax Bills Across Freehold, New Jersey
In Freehold, Monmouth County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Freehold is $403,900. Property taxes in this area are significantly higher than the national median property tax rate of 0.99%. Homeowners in Freehold can expect a wide range of tax bills, with the 25th percentile at $5,700 and the 75th percentile reaching $11,190. For those at the 90th percentile, tax bills can soar to $15,153. These tax bills are determined by multiplying the assessed home value by the local tax rate, which considers factors such as municipal budgets, school funding, and public services. The highest and lowest median tax bills in Freehold both stand at $8,171, indicating a consistent rate across different areas within the zip code 07728. High property taxes can impact homeowners by increasing the overall cost of homeownership, influencing decisions on buying or selling property, and affecting monthly budgets.
Average Freehold Tax Bill
$8,171
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 Freehold, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07728 | $4,196 | $5,700 | $8,171 | $11,190 | $15,153 |
Source: Ownwell