Spring Lake, New Jersey Property Taxes
The median property tax rate in Spring Lake, NJ is 1.08%, 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 Spring Lake at $762,300, the typical annual property tax bill reaches $7,840, exceeding the national median of $2,690. Property taxes in Spring Lake 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 Spring Lake'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 Spring Lake 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
Spring Lake, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$8,233
Ownwell’s SPRING LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING LAKE 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 Spring Lake, New Jersey
Property taxes in Spring Lake, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Lake is 1.08%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Spring Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Lake 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 Spring Lake's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07762 zip code has the highest median property tax rate of 1.08%, while the 07762 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Spring Lake 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 Spring Lake Tax Rate
1.08%
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 Spring Lake, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07762 | 0.48% | 0.51% | 1.08% | 1.20% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Spring Lake, New Jersey
In Spring Lake, 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 Spring Lake, 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 Spring Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07762 has both the highest and lowest median tax bills at $7,840.
Property Tax Assessment Values Across Spring Lake, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Spring Lake Assessed Value
$762,300
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 Spring Lake, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07762 | $451,700 | $544,050 | $762,300 | $2,030,150 | $3,754,800 |
Source: Ownwell
Property Tax Bills Across Spring Lake, New Jersey
Property tax bills in Spring Lake, Monmouth County, NJ, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by local assessors. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Spring Lake face a median property tax bill of $7,840, which is significantly higher than the national median property tax rate of 0.99%. For example, the tax bill for the 25th percentile is around $6,220, while those in the 75th percentile pay approximately $11,509. At the 90th percentile, the tax bill can soar to $18,645. These high property taxes can significantly impact homeowners, particularly those with higher-valued properties, leading to substantial annual expenses. Understanding how these factors influence your tax bill can help homeowners budget more effectively and potentially explore options for tax appeals or exemptions.
Average Spring Lake Tax Bill
$7,840
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 Spring Lake, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07762 | $4,970 | $6,220 | $7,840 | $11,509 | $18,645 |
Source: Ownwell