Ocean City, New Jersey Property Taxes
The median property tax rate in Ocean City, NJ is 0.72%, which is considerably lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Ocean City at $749,963, the typical annual property tax bill reaches $5,400, surpassing the national median of $2,690. Property taxes in Ocean City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Ocean City'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 City 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 City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$5,400
$5,011
Ownwell’s Ocean City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocean City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocean City 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 City, New Jersey
Property taxes in Ocean City, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocean City is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Ocean City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocean City 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 City's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08226 zip code has the highest median property tax rate of 0.72%, while also having the lowest median tax rate of 0.72%. Understanding how these cities compare with Ocean City provides valuable insights into the varying tax landscape across Cape May County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ocean City Tax Rate
0.72%
Average Cape May County Tax Rate
1.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocean City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08226 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Ocean City, New Jersey
In Ocean City, 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 Cape May 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. 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 City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Ocean City has a median home price of $749,963. The tax bill for the 25th percentile is $3,822, while the 75th percentile tax bill is $7,593. Notably, the highest and lowest median tax bills are both $5,400 in the 08226 zip code.
Property Tax Assessment Values Across Ocean City, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average Ocean City Assessed Value
$749,963
Average Cape May County Assessed Value
$477,646
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ocean City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08226 | $349,339 | $531,292 | $749,963 | $1,053,516 | $1,650,364 |
Source: Ownwell
Property Tax Bills Across Ocean City, New Jersey
In Ocean City, located in Cape May County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $749,963, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is around $3,822, while those at the 75th percentile face bills closer to $7,593. At the 90th percentile, the tax bill can reach up to $11,894. These figures illustrate the wide range of property tax obligations depending on home value and assessment. Compared to the national median property tax rate of 0.99%, Ocean City's property tax rates can significantly impact homeowners. Higher property taxes can influence decisions on buying or selling property, as well as the overall affordability of living in the area. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Ocean City Tax Bill
$5,400
Average Cape May County Tax Bill
$5,051
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocean City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08226 | $2,514 | $3,822 | $5,400 | $7,593 | $11,894 |
Source: Ownwell