Morganville, New Jersey Property Taxes
The median property tax rate in Morganville, NJ is 3.91%, 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 Morganville at $88,000, the typical annual property tax bill reaches $2,617, slightly below the national median of $2,690. Property taxes in Morganville 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 Morganville'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 Morganville 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
Morganville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.91%
Estimate Property Tax Bill
$3,441
$3,193
Ownwell’s Morganville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morganville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morganville 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 Morganville, New Jersey
Property taxes in Morganville, 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 Morganville is 3.91%, significantly higher than the U.S. national median of 0.99%. Local government entities within Morganville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morganville 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. Understanding how Morganville compares with other areas 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. For comparison, the 07751 zip code has the highest median property tax rate of 3.91%, while the lowest median tax rate is also 3.91%. This comparison highlights the uniformity in property tax rates within Morganville, offering a consistent tax environment for its residents.
Average Morganville Tax Rate
3.91%
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 Morganville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07751 | 2.75% | 3.18% | 3.91% | 4.63% | 5.06% |
Source: Ownwell
Property Tax Assessment Values Across Morganville, New Jersey
In Morganville, 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 county assessor 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 Morganville, 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 Morganville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07751 has the highest median tax bill of $2,617, which is significantly higher than the national median property tax rate of 0.99%.
Average Morganville Assessed Value
$88,000
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 Morganville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07751 | $42,560 | $59,600 | $88,000 | $116,400 | $133,440 |
Source: Ownwell
Property Tax Bills Across Morganville, New Jersey
In Morganville, property tax bills are determined by a combination of the assessed value of a home and the local tax rate set by Middlesex County. The assessed value is derived from the market value of the property, which may fluctuate based on real estate trends and improvements made to the home. Homeowners in Morganville can expect their tax bills to be influenced by these assessments, along with any applicable exemptions or deductions. For instance, the median home price in Morganville is $88,000, and property tax bills can vary significantly. At the 25th percentile, the tax bill is around $2,143, while at the 75th percentile, it climbs to approximately $3,090. The 90th percentile sees tax bills reaching up to $3,374. These figures highlight the variability in property taxes based on home values and local tax rates. Compared to the national median property tax rate of 0.99%, Morganville's tax rates can be relatively higher, impacting homeowners' financial planning and overall cost of living. Understanding these factors is crucial for homeowners to budget effectively and anticipate future tax obligations.
Average Morganville Tax Bill
$2,617
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 Morganville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07751 | $1,859 | $2,143 | $2,617 | $3,090 | $3,374 |
Source: Ownwell