Bradley Beach, New Jersey Property Taxes
The median property tax rate in Bradley Beach, NJ is 1.02%, which is higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Bradley Beach at $768,400, the typical annual property tax bill reaches $7,642, significantly exceeding the national median of $2,690. Property taxes in Bradley Beach are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bradley Beach'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 Bradley Beach 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
Bradley Beach, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$7,838
Ownwell’s Bradley Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bradley Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bradley Beach 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 Bradley Beach, New Jersey
Property taxes in Bradley Beach, 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 Bradley Beach is 1.02%, notably higher than the U.S. national median of 0.99%. Local government entities within Bradley Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bradley Beach 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 Bradley Beach's effective property tax rate to other areas within Monmouth County and the national median. For comparison, the highest and lowest median property tax rates in Monmouth County are both 1.02%, the same as Bradley Beach, observed in the zip code 07720. Understanding how these cities compare with Bradley Beach 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 Bradley Beach Tax Rate
1.02%
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 Bradley Beach, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07720 | 0.94% | 0.99% | 1.02% | 1.05% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Bradley Beach, New Jersey
In Bradley Beach, 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 Bradley Beach, 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 Bradley Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 07720, both at $7,642.
Property Tax Assessment Values Across Bradley Beach, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Bradley Beach Assessed Value
$768,400
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 Bradley Beach, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07720 | $431,540 | $567,950 | $768,400 | $1,013,200 | $1,261,760 |
Source: Ownwell
Property Tax Bills Across Bradley Beach, New Jersey
In Bradley Beach, 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 local assessor and reflects a percentage of the market value of the property. Homeowners in Bradley Beach can expect their tax bills to vary significantly, with the 25th percentile tax bill at $5,654 and the 75th percentile reaching $10,305. The highest median tax bill in the area is $7,642, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the total tax bill, including property size, location, and any applicable exemptions or deductions. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these elements contribute to the overall tax bill can help homeowners in Bradley Beach better plan their finances and take advantage of any available tax relief programs.
Average Bradley Beach Tax Bill
$7,642
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 Bradley Beach, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07720 | $4,386 | $5,654 | $7,642 | $10,305 | $13,005 |
Source: Ownwell