Freehold, New Jersey Property Taxes
The median property tax rate in Freehold, NJ is 2.58%, 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 Freehold, the typical annual property tax bill reaches $14,726, exceeding the national median of $2,690. Property taxes in Freehold 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 Freehold'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 Freehold 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
Freehold, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$14,709
Ownwell’s Freehold Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freehold with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freehold 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 Freehold, New Jersey
Property taxes in Freehold, New Jersey, play an essential role in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Freehold is 2.58%, significantly higher than the U.S. national median of 0.99%. Local government entities within Freehold set these rates annually, and they can vary across different neighborhoods. Each year, Freehold 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. For comparison, the zip code 07728 has the highest median property tax rate of 2.58%, while the lowest median tax rate in the area is also 2.58%. Understanding how these figures compare with Freehold 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 Freehold Tax Rate
2.58%
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 Freehold, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07728 | 2.58% | 2.58% | 2.58% | 2.58% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Freehold, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Freehold, 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 Freehold, 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. For instance, the median home price in Freehold is $570,100, with tax bills ranging from $12,972 at the 25th percentile to $16,606 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Freehold Assessed Value
$570,100
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 Freehold, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07728 | $492,220 | $509,250 | $570,100 | $615,500 | $637,060 |
Source: Ownwell
Property Tax Bills Across Freehold, New Jersey
Property tax bills in Freehold, located in Ocean County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor’s office and is a percentage of the property's market value. In Freehold, the median home price stands at $570,100. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $12,972 and the 75th percentile reaching $15,898. The 90th percentile tax bill is even higher, at $16,606. The property tax rate in Freehold is notably above the national median property tax rate of 0.99%. This higher rate affects homeowners by increasing their annual financial obligations, which can be a significant consideration when budgeting for homeownership. The highest and lowest median tax bills in the area are both $14,726, indicating a consistent tax rate across different properties. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan accordingly.
Average Freehold Tax Bill
$14,726
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 Freehold, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07728 | $12,655 | $12,972 | $14,726 | $15,898 | $16,606 |
Source: Ownwell