Little Silver, New Jersey Property Taxes
The median property tax rate in Little Silver, NJ is 1.85%, 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 Little Silver at $650,200, the typical annual property tax bill reaches $11,849, significantly exceeding the national median of $2,690. Property taxes in Little Silver 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 Little Silver'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 Little Silver 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
Little Silver, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$12,029
Ownwell’s Little Silver Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Silver with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Silver 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 Little Silver, New Jersey
Property taxes in Little Silver, 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 Little Silver is 1.85%, significantly higher than the U.S. national median of 0.99%. Local government entities within Little Silver set these rates annually, and they can vary across different neighborhoods. Each year, Little Silver 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 Little Silver's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the zip code 07739 has the highest median property tax rate of 1.85%, while the same zip code also holds the lowest median tax rate of 1.85%. Understanding how these figures compare with Little Silver 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 Little Silver Tax Rate
1.85%
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 Little Silver, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07739 | 1.71% | 1.81% | 1.85% | 1.87% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Little Silver, New Jersey
In LITTLE SILVER, 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. 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. LITTLE SILVER has a median home price of $650,200, with the 25th percentile tax bill at $9,451 and the 75th percentile tax bill at $15,132. The highest and lowest median tax bills are both $11,849 in the 07739 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Little Silver, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Little Silver Assessed Value
$650,200
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 Little Silver, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07739 | $428,480 | $518,600 | $650,200 | $825,400 | $1,222,480 |
Source: Ownwell
Property Tax Bills Across Little Silver, New Jersey
In Little Silver, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the Monmouth County assessor, reflecting a percentage of the property's market value. Homeowners in Little Silver face a median property tax bill of $11,849, which is significantly higher than the national median property tax rate of 0.99%. Key factors influencing the tax bill include the property's assessed value, local levies for schools, municipal services, and county services. For instance, with a median home price of $650,200, the tax bill can range widely. At the 25th percentile, homeowners might pay around $9,451, while those at the 75th percentile could see bills as high as $15,132. At the 90th percentile, the tax bill can escalate to $22,324. These substantial property tax bills can impact homeowners by increasing the overall cost of homeownership, making budgeting and financial planning crucial for residents in this area.
Average Little Silver Tax Bill
$11,849
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 Little Silver, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07739 | $7,753 | $9,451 | $11,849 | $15,132 | $22,324 |
Source: Ownwell