Keyport, New Jersey Property Taxes
The median property tax rate in Keyport, NJ is 2.28%, 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 Keyport, the typical annual property tax bill reaches $7,085, exceeding the national median of $2,690. Property taxes in Keyport 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 Keyport'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 Keyport 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
Keyport, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$7,104
Ownwell’s Keyport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keyport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keyport 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 Keyport, New Jersey
Property taxes in Keyport, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keyport is 2.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Keyport set these rates annually, and they can vary across different neighborhoods. Each year, Keyport 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 Keyport's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the 07735 zip code has the highest median property tax rate of 2.28%, while the lowest median tax rate is also 2.28%. Understanding how these cities compare with Keyport 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 Keyport Tax Rate
2.28%
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 Keyport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07735 | 2.01% | 2.15% | 2.28% | 2.46% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Keyport, New Jersey
In Keyport, 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 Keyport, 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 Keyport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 07735 has both the highest and lowest median tax bill at $7,085, reflecting the uniformity in property tax assessments within the area.
Property Tax Assessment Values Across Keyport, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Keyport Assessed Value
$311,600
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 Keyport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07735 | $235,060 | $268,200 | $311,600 | $364,500 | $430,140 |
Source: Ownwell
Property Tax Bills Across Keyport, New Jersey
In Keyport, located in Monmouth County, NJ, property tax bills are determined by multiplying the assessed value of the property by the local tax rate. The assessed value is typically a percentage of the market value, which is influenced by factors such as property size, location, and condition. Homeowners in Keyport face property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $6,065, while the 75th percentile tax bill reaches approximately $8,286. At the 90th percentile, homeowners can expect to pay about $9,618. The median home price in Keyport is $311,600, resulting in a median tax bill of $7,085. This figure is notably higher than the national median property tax rate of 0.99%, reflecting the region's higher property values and tax rates. These taxes fund local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Keyport Tax Bill
$7,085
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 Keyport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07735 | $5,161 | $6,065 | $7,085 | $8,286 | $9,618 |
Source: Ownwell