Hazlet, New Jersey Property Taxes
The median property tax rate in Hazlet, NJ is 2.33%, 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 Hazlet at $394,300, the typical annual property tax bill reaches $9,065, exceeding the national median of $2,690. Property taxes in Hazlet 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 Hazlet'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 Hazlet or another part of Monmouth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hazlet, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$9,187
Ownwell’s Hazlet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hazlet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hazlet 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 Hazlet, New Jersey
Property taxes in Hazlet, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hazlet is 2.33%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hazlet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazlet 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 Hazlet's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07730 zip code has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Hazlet 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 Hazlet Tax Rate
2.33%
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 Hazlet, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07730 | 2.13% | 2.23% | 2.33% | 2.34% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Hazlet, New Jersey
In Hazlet, 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 Assessment Office 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 Hazlet, 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 Hazlet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Hazlet both stand at $9,065, found in the 07730 zip code.
Average Hazlet Assessed Value
$394,300
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 Hazlet, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07730 | $311,970 | $360,800 | $394,300 | $435,175 | $481,930 |
Source: Ownwell
Property Tax Bills Across Hazlet, New Jersey
In Hazlet, NJ, property tax bills are a significant consideration for homeowners. The tax bill is determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which in Hazlet has a median home price of $394,300. This assessed value is then subjected to the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements made. In Monmouth County, where Hazlet is located, property tax bills can vary widely. For instance, the 25th percentile tax bill is around $8,175, while the 75th percentile tax bill reaches approximately $10,045. The 90th percentile tax bill can soar to about $11,170. These property taxes significantly impact homeowners by contributing to the cost of living and influencing decisions about purchasing or upgrading properties. Compared to the national median property tax rate of 0.99%, Hazlet's property tax rates are notably higher, reflecting the region's market dynamics and public service funding needs.
Average Hazlet Tax Bill
$9,065
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 Hazlet, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07730 | $6,847 | $8,175 | $9,065 | $10,045 | $11,170 |
Source: Ownwell