Asbury Park, New Jersey Property Taxes
The median property tax rate in Asbury Park, NJ is 1.44%, 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 Asbury Park at $496,400, the typical annual property tax bill reaches $6,912, exceeding the national median of $2,690. Property taxes in Asbury Park 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 Asbury Park'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 Asbury Park 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
Asbury Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$7,148
Ownwell’s Asbury Park Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Asbury Park with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Asbury Park to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available further down the page. Your property’s assessed value is determined by Monmouth County for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Asbury Park, New Jersey
Property taxes in Asbury Park, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Asbury Park is 1.44%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Asbury Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Asbury Park 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 Asbury Park's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07712 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Asbury Park 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 Asbury Park Tax Rate
1.44%
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 Asbury Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07712 | 1.32% | 1.39% | 1.44% | 1.54% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Asbury Park, New Jersey
In Asbury Park, 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 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. In Asbury Park, 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. The median home price in Asbury Park is $496,400, with tax bills ranging from $4,475 at the 25th percentile to $12,017 at the 90th percentile. The zip code 07712 has the highest and lowest median tax bill at $6,912. 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.
Property Tax Assessment Values Across Asbury Park, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Asbury Park Assessed Value
$496,400
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 Asbury Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07712 | $228,500 | $330,900 | $496,400 | $651,300 | $880,420 |
Source: Ownwell
Property Tax Bills Across Asbury Park, New Jersey
In Asbury Park, Monmouth County, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Asbury Park is $496,400. Homeowners in this area face a substantial tax burden, with the 25th percentile tax bill at $4,475 and the 75th percentile reaching $9,583. The 90th percentile tax bill can go as high as $12,017, highlighting the significant range in property tax obligations. These tax bills are determined by multiplying the assessed value of the home by the local tax rate, which is influenced by county and municipal budgets, school funding, and other public services. The highest and lowest median tax bills in the area are both $6,912, all within the 07712 zip code. Compared to the national median property tax rate of 0.99%, Asbury Park's property tax rates can be quite high, impacting homeowners' financial planning and overall cost of living.
Average Asbury Park Tax Bill
$6,912
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 Asbury Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07712 | $3,085 | $4,475 | $6,912 | $9,583 | $12,017 |
Source: Ownwell