Millstone Township, Monmouth County, New Jersey Property Taxes
The median property tax rate in Millstone Township, NJ is 2.41%, 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 Millstone Township, the typical annual property tax bill reaches $12,551, exceeding the national median of $2,690. Property taxes in Millstone Township 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 Millstone 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 Millstone 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
Millstone Township, Monmouth County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$12,679
$11,766
Ownwell’s Millstone Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millstone Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millstone 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 Millstone Township, Monmouth County, New Jersey
Property taxes in Millstone Township, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millstone Township is 2.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Millstone Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millstone 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 Millstone Township's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08535 zip code has the highest median property tax rate of 2.41%, while the 08510 zip code has the lowest median tax rate of 2.41%. Understanding how these areas compare with Millstone 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.
Property Tax Rates Across Millstone Township, Monmouth County, New Jersey
Source: Ownwell
0.60%
1.69%
2.77%
Average Millstone Township Tax Rate
2.41%
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 Millstone Township, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08510 | 2.24% | 2.41% | 2.41% | 2.41% | 2.41% |
| 08535 | 2.24% | 2.41% | 2.41% | 2.41% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Millstone Township, Monmouth County, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Millstone Township, NJ. The market value represents 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 Millstone 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. The median home price in the area is $526,100, with tax bills ranging from $9,182 at the 25th percentile to $18,613 at the 90th percentile. The highest median tax bill is $12,567 in zip code 08535, while the lowest is $12,522 in zip code 08510. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Millstone Township, Monmouth County, New Jersey
Source: Ownwell
$230,800
$1,235,100
$2,239,400
Average Millstone Township Assessed Value
$526,100
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 Millstone Township, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08510 | $286,600 | $381,100 | $524,200 | $654,700 | $784,000 |
| 08535 | $303,480 | $397,000 | $527,700 | $660,800 | $769,940 |
Source: Ownwell
Property Tax Bills Across Millstone Township, Monmouth County, New Jersey
Property tax bills in Millstone Township, located in Monmouth County, NJ, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by the local assessor. Several factors influence this assessment, including the property's size, location, and any improvements made. In Millstone Township, the median home price is $526,100, and property tax bills can vary significantly. Homeowners can expect to pay between $9,182 at the 25th percentile and $15,677 at the 75th percentile, with the 90th percentile reaching up to $18,613. This range highlights the variability in tax burdens based on property values and specific assessments. Comparatively, the national median property tax rate is 0.99%, making Millstone Township's property taxes notably higher. This high tax rate can significantly impact homeowners, increasing their overall cost of living and influencing decisions about property investments and homeownership within the area.
Property Tax Bills Across Millstone Township, Monmouth County, New Jersey
Source: Ownwell
$5,432
$12,230
$19,028
Average Millstone Township Tax Bill
$12,551
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 Millstone Township, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08510 | $6,767 | $9,005 | $12,522 | $15,652 | $18,760 |
| 08535 | $7,047 | $9,379 | $12,567 | $15,704 | $18,471 |
Source: Ownwell