Allentown, New Jersey Property Taxes
The median property tax rate in Allentown, NJ is 2.25%, 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 Allentown at $441,100, the typical annual property tax bill reaches $10,515, exceeding the national median of $2,690. Property taxes in Allentown are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Allentown'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 Allentown 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
Allentown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$9,925
Ownwell’s Allentown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Allentown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allentown 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 Allentown, New Jersey
Property taxes in Allentown, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Allentown is 2.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Allentown set these rates annually, and they can vary across different neighborhoods. Each year, Allentown 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 Allentown's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the 08501 zip code has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these cities compare with Allentown provides valuable insights into the varying tax landscape across Monmouth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allentown Tax Rate
2.25%
Average Monmouth County Tax Rate
1.86%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08501 | 2.07% | 2.18% | 2.25% | 2.92% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Allentown, New Jersey
In Allentown, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Monmouth 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Allentown, zip code 08501 sees both the highest and lowest median tax bills at $10,515, reflecting the uniformity in assessed values across the region.
Property Tax Assessment Values Across Allentown, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Allentown Assessed Value
$441,100
Average Monmouth County Assessed Value
$467,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08501 | $234,240 | $317,250 | $441,100 | $615,250 | $737,500 |
Source: Ownwell
Property Tax Bills Across Allentown, New Jersey
In Allentown, Monmouth 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 local tax assessors and reflects a percentage of the property's market value. Homeowners in this region face a median property tax bill of $10,515, significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, a home with a median price of $441,100 would result in varying tax bills depending on assessed value and tax rates. At the 25th percentile, homeowners might pay around $8,113, while those at the 75th percentile could see bills as high as $13,735. The 90th percentile tax bill can reach up to $16,285. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning.
Average Allentown Tax Bill
$10,515
Average Monmouth County Tax Bill
$8,714
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Allentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08501 | $6,391 | $8,113 | $10,515 | $13,735 | $16,285 |
Source: Ownwell