Manahawkin, New Jersey Property Taxes
The median property tax rate in Manahawkin, NJ is 2.32%, considerably higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Manahawkin at $264,800, the typical annual property tax bill reaches $6,139, far exceeding the national median of $2,690. Property taxes in Manahawkin 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 Manahawkin'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 Manahawkin or another part of Ocean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Manahawkin, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$6,143
Ownwell’s Manahawkin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manahawkin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manahawkin 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 Manahawkin, New Jersey
Property taxes in Manahawkin, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Manahawkin is 2.32%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Manahawkin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manahawkin 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 Manahawkin's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08050 zip code has the highest median property tax rate of 2.32%, while the same zip code also has the lowest median tax rate of 2.32%. Understanding how these cities compare with Manahawkin 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 Manahawkin Tax Rate
2.32%
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 Manahawkin, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08050 | 2.31% | 2.32% | 2.32% | 2.32% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Manahawkin, New Jersey
In Manahawkin, 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 Manahawkin, 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. The median home price in Manahawkin is $264,800, with the 25th percentile tax bill at $4,788 and the 75th percentile tax bill at $8,055. The highest and lowest median tax bills are both $6,139 in the 08050 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Manahawkin, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Manahawkin Assessed Value
$264,800
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 Manahawkin, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08050 | $163,820 | $207,200 | $264,800 | $347,600 | $443,480 |
Source: Ownwell
Property Tax Bills Across Manahawkin, New Jersey
In Manahawkin, located in Ocean County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and ideally reflects the market value of the property. Homeowners in Manahawkin face property tax bills that significantly impact their finances, with the median home price at $264,800. The tax bill varies widely, with the 25th percentile at $4,788 and the 75th percentile reaching $8,055. At the 90th percentile, homeowners could see tax bills as high as $10,282. This range highlights the variability in property tax burdens within the area. The highest median tax bill in the region is $6,139, which is notably higher than the national median property tax rate of 0.99%. This high tax rate can influence decisions on home ownership and affordability, making it crucial for homeowners to understand how their property taxes are calculated and what factors contribute to their annual tax bill.
Average Manahawkin Tax Bill
$6,139
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 Manahawkin, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08050 | $3,794 | $4,788 | $6,139 | $8,055 | $10,282 |
Source: Ownwell