Barnegat, New Jersey Property Taxes
The median property tax rate in Barnegat, NJ is 2.82%, 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 Barnegat, the typical annual property tax bill reaches $6,451, exceeding the national median of $2,690. Property taxes in Barnegat 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 Barnegat'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 Barnegat 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
Barnegat, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$7,033
Ownwell’s Barnegat Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnegat with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnegat 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 Barnegat, New Jersey
Property taxes in Barnegat, 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 Barnegat is 2.82%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Barnegat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnegat 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 Barnegat's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08005 zip code has the highest median property tax rate of 2.82%, while the same zip code also has the lowest median tax rate of 2.82%. Understanding how these cities compare with Barnegat provides valuable insights into the varying tax landscape across Ocean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnegat Tax Rate
2.82%
Average Ocean County Tax Rate
2.26%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnegat, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08005 | 2.32% | 2.55% | 2.82% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Barnegat, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Barnegat, NJ. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Ocean 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 Barnegat, 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 Barnegat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Barnegat are both $6451, with zip code 08005 reflecting this value.
Average Barnegat Assessed Value
$249,400
Average Ocean County Assessed Value
$281,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnegat, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08005 | $143,700 | $180,700 | $249,400 | $300,100 | $350,160 |
Source: Ownwell
Property Tax Bills Across Barnegat, New Jersey
In Barnegat, located in Ocean County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Barnegat, the median home price is $249,400, and the median property tax bill stands at $6,451. This is significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, homeowners in the 25th percentile pay around $4,854, while those in the 75th percentile face a tax bill of approximately $8,025. At the 90th percentile, the tax bill can reach up to $9,530. These high property taxes can significantly impact homeowners' budgets, making it essential for them to understand how their tax bills are calculated and explore potential exemptions or appeals to manage costs effectively.
Average Barnegat Tax Bill
$6,451
Average Ocean County Tax Bill
$5,983
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnegat, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08005 | $3,737 | $4,854 | $6,451 | $8,025 | $9,530 |
Source: Ownwell