Monmouth Junction, New Jersey Property Taxes
The median property tax rate in Monmouth Junction, NJ is 5.05%, 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 Monmouth Junction, the typical annual property tax bill reaches $8,775, exceeding the national median of $2,690. Property taxes in Monmouth Junction 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 Monmouth Junction'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 Monmouth Junction 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
Monmouth Junction, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.05%
Estimate Property Tax Bill
$9,090
Ownwell’s Monmouth Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monmouth Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monmouth Junction 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 Monmouth Junction, New Jersey
Property taxes in Monmouth Junction, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monmouth Junction is 5.05%, significantly higher than both the New Jersey state median of 2.21% and the U.S. national median of 0.99%. Local government entities within Monmouth Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monmouth Junction 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 Monmouth Junction's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08852 has the highest median property tax rate of 5.05%, while the same zip code also has the lowest median tax rate of 5.05%. Understanding how these cities compare with Monmouth Junction provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monmouth Junction Tax Rate
5.05%
Average Middlesex County Tax Rate
5.10%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monmouth Junction, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08852 | 4.25% | 5.05% | 5.05% | 5.05% | 5.11% |
Source: Ownwell
Property Tax Assessment Values Across Monmouth Junction, New Jersey
In Monmouth Junction, 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 Middlesex 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 Monmouth Junction, 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. Notably, the zip code 08852 has the highest and lowest median tax bill at $8,775. Being aware of these valuation processes in Monmouth Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Monmouth Junction, New Jersey
Source: Ownwell
$66,600
$322,300
$578,000
Average Monmouth Junction Assessed Value
$180,000
Average Middlesex County Assessed Value
$158,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monmouth Junction, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08852 | $85,300 | $118,825 | $180,000 | $258,700 | $319,500 |
Source: Ownwell
Property Tax Bills Across Monmouth Junction, New Jersey
In Monmouth Junction, 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 Middlesex County tax assessor and reflects the market value of the property. Homeowners in Monmouth Junction experience a median property tax bill of $8,775, significantly higher than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements impact the assessed value, which in turn affects the tax bill. For instance, within Monmouth Junction, the 25th percentile of tax bills is $5,430, while the 75th percentile reaches $12,961. The highest tax bills, at the 90th percentile, can go up to $15,902. These variations illustrate how different property characteristics and valuations influence the overall tax burden. Homeowners must consider these factors when budgeting for their annual expenses, as property taxes represent a substantial financial commitment in this region.
Average Monmouth Junction Tax Bill
$8,775
Average Middlesex County Tax Bill
$7,840
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Monmouth Junction, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08852 | $4,160 | $5,430 | $8,775 | $12,961 | $15,902 |
Source: Ownwell