Middletown, New Jersey Property Taxes
The median property tax rate in Middletown, NJ is 1.86%, 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 Middletown at $517,700, the typical annual property tax bill reaches $9,525, significantly exceeding the national median of $2,690. Property taxes in Middletown 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 Middletown'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 Middletown 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
Middletown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.86%
Estimate Property Tax Bill
$9,629
Ownwell’s Middletown Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Middletown with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Middletown to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities and plan accordingly. For those interested in more granular trends, additional localized information is available. Your property’s assessed value is determined by Monmouth County for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Middletown, New Jersey
Property taxes in Middletown, NJ play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middletown is 1.86%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Middletown set these rates annually, and they can vary across different neighborhoods. Each year, Middletown 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 Middletown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07748 zip code has the highest median property tax rate of 1.86%, while the same zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with Middletown 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 Middletown Tax Rate
1.86%
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 Middletown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07748 | 1.69% | 1.78% | 1.86% | 1.91% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Middletown, New Jersey
In Middletown, 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 Middletown, 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 Middletown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 07748, with a median tax bill of $9,525.
Property Tax Assessment Values Across Middletown, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Middletown Assessed Value
$517,700
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 Middletown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07748 | $341,580 | $417,600 | $517,700 | $655,850 | $787,800 |
Source: Ownwell
Property Tax Bills Across Middletown, New Jersey
In Middletown, NJ, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by the local assessor and represents a percentage of the property's market value. Factors such as location, size, and property condition play a significant role in this assessment. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Middletown, this means that a median home priced at $517,700 can result in a tax bill that varies widely. For instance, the 25th percentile tax bill is around $7,694, while the 75th percentile tax bill can be as high as $12,224. The 90th percentile tax bill reaches up to $14,781. These figures highlight the substantial impact property taxes can have on household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average Middletown Tax Bill
$9,525
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 Middletown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07748 | $6,422 | $7,694 | $9,525 | $12,224 | $14,781 |
Source: Ownwell