Wickatunk, New Jersey Property Taxes
The median property tax rate in Wickatunk, NJ is 2.34%, 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 Wickatunk at $310,400, the typical annual property tax bill reaches $7,032, significantly exceeding the national median of $2,690. Property taxes in Wickatunk are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wickatunk's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wickatunk or another part of Monmouth County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wickatunk, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$7,263
Ownwell’s Wickatunk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wickatunk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wickatunk 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 Wickatunk, New Jersey
Property taxes in Wickatunk, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wickatunk is 2.34%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wickatunk set these rates annually, and they can vary across different neighborhoods. Each year, Wickatunk 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 Wickatunk's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07765 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Wickatunk 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 Wickatunk Tax Rate
2.34%
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 Wickatunk, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07765 | 2.28% | 2.30% | 2.34% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Wickatunk, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wickatunk, Monmouth County, NJ. 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 Wickatunk, 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. The median home price in the area is $310,400, with tax bills ranging from $6,819 at the 25th percentile to $8,649 at the 90th percentile. Interestingly, the zip code 07765 has both the highest and lowest median tax bill at $7,032. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wickatunk, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Wickatunk Assessed Value
$310,400
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 Wickatunk, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07765 | $287,360 | $296,000 | $310,400 | $348,550 | $371,440 |
Source: Ownwell
Property Tax Bills Across Wickatunk, New Jersey
In Wickatunk, Monmouth County, NJ, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the local assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the home. In Wickatunk, the median home price is $310,400, leading to significant tax bills. Homeowners in the 25th percentile pay around $6,819 annually, while those in the 75th percentile face bills of approximately $8,042. The highest tax bills, in the 90th percentile, reach up to $8,649. These tax rates are notably higher than the national median property tax rate of 0.99%, impacting homeowners by increasing the cost of owning property in the area. This can affect affordability and the overall cost of living in Wickatunk.
Average Wickatunk Tax Bill
$7,032
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 Wickatunk, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07765 | $6,691 | $6,819 | $7,032 | $8,042 | $8,649 |
Source: Ownwell