Hazlet Township, New Jersey Property Taxes
The median property tax rate in Hazlet Township, NJ is 2.34%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $311,800 in Hazlet Township, the typical annual property tax bill reaches $7,108, far surpassing the national median of $2,690. Property taxes in Hazlet Township are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hazlet Township'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 Hazlet Township 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
Hazlet Township, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$7,296
Ownwell’s Hazlet Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hazlet Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hazlet Township 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 Hazlet Township, New Jersey
Property taxes in Hazlet Township, 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 Hazlet Township is 2.34%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hazlet Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazlet Township 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 Hazlet Township's effective property tax rate to other regions in New Jersey and the national median. For comparison, the 07734 zip code has the highest median property tax rate of 2.34%, while the same 07734 zip code also has the lowest median tax rate of 2.34%. Understanding how these areas compare with Hazlet Township 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 Hazlet Township Tax Rate
2.34%
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 Hazlet Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07734 | 2.15% | 2.25% | 2.34% | 2.35% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Hazlet Township, New Jersey
In Hazlet Township, 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 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 Hazlet Township, 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 Hazlet Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hazlet Township is $311,800, with tax bills ranging from $6,375 at the 25th percentile to $9,473 at the 90th percentile. The highest and lowest median tax bill is $7,108 in the 07734 zip code.
Property Tax Assessment Values Across Hazlet Township, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Hazlet Township Assessed Value
$311,800
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 Hazlet Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07734 | $253,200 | $278,200 | $311,800 | $353,300 | $410,100 |
Source: Ownwell
Property Tax Bills Across Hazlet Township, New Jersey
In Hazlet Township, located in 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 the local assessor's office and is intended to reflect the market value of the property. Homeowners in Hazlet Township face a median property tax bill of approximately $7,108, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For instance, homes in the 25th percentile of tax bills pay around $6,375, while those in the 75th percentile pay approximately $8,093. The highest tax bills, in the 90th percentile, can reach up to $9,473. These property taxes fund essential local services such as schools, public safety, and infrastructure, making them a critical aspect of homeownership in Hazlet Township. High property taxes can impact affordability and the overall cost of living for residents.
Average Hazlet Township Tax Bill
$7,108
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 Hazlet Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07734 | $5,717 | $6,375 | $7,108 | $8,093 | $9,473 |
Source: Ownwell