Ocean Gate, New Jersey Property Taxes
The median property tax rate in Ocean Gate, NJ is 2.78%, 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 Ocean Gate, the typical annual property tax bill reaches $4,831, exceeding the national median of $2,690. Property taxes in Ocean Gate 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 Ocean Gate'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 Ocean Gate 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
Ocean Gate, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$5,090
Ownwell’s Ocean Gate Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocean Gate with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocean Gate 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 Ocean Gate, New Jersey
Property taxes in Ocean Gate, 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 Ocean Gate is 2.78%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Ocean Gate set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocean Gate 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 Ocean Gate's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08740 has the highest median property tax rate of 2.78%, while the same zip code also has the lowest median tax rate of 2.78%. Understanding how these cities compare with Ocean Gate 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 Ocean Gate Tax Rate
2.78%
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 Ocean Gate, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08740 | 2.28% | 2.66% | 2.78% | 2.78% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Ocean Gate, New Jersey
In Ocean Gate, 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 Ocean Gate, 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 Ocean Gate helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $183,100, with median tax bills ranging from $3,939 at the 25th percentile to $8,597 at the 90th percentile. The highest and lowest median tax bill is $4,831, found in the 08740 zip code.
Property Tax Assessment Values Across Ocean Gate, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Ocean Gate Assessed Value
$183,100
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 Ocean Gate, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08740 | $128,040 | $148,950 | $183,100 | $237,000 | $321,260 |
Source: Ownwell
Property Tax Bills Across Ocean Gate, New Jersey
In Ocean Gate, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. The median home price in Ocean Gate is $183,100, and the property tax rate in this area is significantly higher than the national median property tax rate of 0.99%. Homeowners in Ocean Gate can expect to pay a tax bill that falls within a wide range due to various factors such as property location, size, and improvements. For instance, the 25th percentile of property tax bills is around $3,939, while the 75th percentile reaches up to $6,343. At the 90th percentile, tax bills can soar to $8,597. This variability highlights the importance of understanding how local assessments and tax rates impact overall costs. For homeowners, these property taxes can represent a significant portion of their annual expenses, influencing their financial planning and homeownership decisions.
Average Ocean Gate Tax Bill
$4,831
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 Ocean Gate, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08740 | $3,343 | $3,939 | $4,831 | $6,343 | $8,597 |
Source: Ownwell