Howell, New Jersey Property Taxes
The median property tax rate in Howell, NJ is 2.45%, 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 Howell, the typical annual property tax bill reaches $6,688, exceeding the national median of $2,690. Property taxes in Howell 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 Howell'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 Howell 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
Howell, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$6,741
Ownwell’s Howell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Howell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Howell 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 Howell, New Jersey
Property taxes in Howell, 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 Howell is 2.45%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Howell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Howell 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 Howell's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07731 zip code has the highest median property tax rate of 2.45%, while the same 07731 zip code also has the lowest median tax rate of 2.45%. Understanding how these areas compare with Howell 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 Howell Tax Rate
2.45%
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 Howell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07731 | 2.26% | 2.45% | 2.45% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Howell, New Jersey
In Howell, 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 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 Howell, 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 Howell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Howell is $6,688 in the 07731 zip code, which is also the lowest median tax bill in the area.
Average Howell Assessed Value
$275,150
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 Howell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07731 | $250,050 | $256,100 | $275,150 | $288,425 | $314,300 |
Source: Ownwell
Property Tax Bills Across Howell, New Jersey
In Howell, located in Ocean County, NJ, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate set by the local government to calculate the annual tax bill. For example, with a median home price of $275,150, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is around $6,220, while at the 75th percentile, it rises to approximately $7,038. Those in the 90th percentile may see tax bills as high as $7,710. Compared to the national median property tax rate of 0.99%, Howell's property taxes can be considered relatively high. This can significantly impact homeowners, as higher property taxes can increase the overall cost of homeownership. Understanding these factors is crucial for homeowners when budgeting for their annual expenses.
Average Howell Tax Bill
$6,688
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 Howell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07731 | $5,960 | $6,220 | $6,688 | $7,038 | $7,710 |
Source: Ownwell