Deal, Monmouth County, New Jersey Property Taxes
The median property tax rate in Deal, NJ is 0.60%, considerably lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Deal at $2,239,400, the typical annual property tax bill reaches $19,028, far exceeding the national median of $2,690. Property taxes in Deal 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 Deal'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 Deal 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
Deal, Monmouth County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$13,436
$12,469
Ownwell’s DEAL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DEAL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DEAL 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 Deal, Monmouth County, New Jersey
Property taxes in Deal, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Deal is 0.60%, which is lower than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Deal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deal 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. For comparison, the zip code 07723 has both the highest and lowest median property tax rate of 0.60%, reflecting a consistent tax rate across the area. Understanding how these cities compare with Deal 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 Deal Tax Rate
0.60%
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 Deal, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07723 | 0.51% | 0.55% | 0.60% | 0.66% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Deal, Monmouth County, New Jersey
In Deal, 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 Deal, 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 Deal 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 07723, with a value of $19,028.
Property Tax Assessment Values Across Deal, Monmouth County, New Jersey
Source: Ownwell
$230,800
$1,235,100
$2,239,400
Average Deal Assessed Value
$2,239,400
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 Deal, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07723 | $756,420 | $1,345,850 | $2,239,400 | $4,033,200 | $6,047,800 |
Source: Ownwell
Property Tax Bills Across Deal, Monmouth County, New Jersey
In Deal, Monmouth County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $2,239,400, homeowners can expect varying tax bills depending on the assessed value and specific rates applied. The tax bill in Deal can range significantly. At the 25th percentile, homeowners might pay around $10,279, while those in the 75th percentile could see bills as high as $27,407. The 90th percentile tax bill can reach up to $35,947. These figures highlight the substantial impact property taxes can have on homeowners in this area, especially compared to the national median property tax rate of 0.99%. Additionally, Deal's highest and lowest median tax bills are both recorded at $19,028 in the zip code 07723, indicating a significant tax burden for local homeowners. Understanding these factors is crucial for residents to manage their financial planning effectively.
Average Deal Tax Bill
$19,028
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 Deal, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07723 | $5,558 | $10,279 | $19,028 | $27,407 | $35,947 |
Source: Ownwell