Millstone Twp, New Jersey Property Taxes
The median property tax rate in Millstone Twp, 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 Twp, the typical annual property tax bill reaches $5,185, exceeding the national median of $2,690. Property taxes in Millstone Twp 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 Twp'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 Twp 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 Twp, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$5,177
Ownwell’s Millstone Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millstone Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millstone Twp 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 Twp, New Jersey
Property taxes in Millstone 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 Millstone Township stands at 2.41%, significantly higher than both the New Jersey state median and 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 areas 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 same 08535 zip code also has the lowest median tax rate of 2.41%. Understanding how these figures 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.
Average Millstone Twp 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 Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08535 | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Millstone Twp, New Jersey
In Millstone 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 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. 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 Millstone Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08535 has the highest and lowest median tax bill, both at $5,185 annually, reflecting the uniformity in the area.
Property Tax Assessment Values Across Millstone Twp, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Millstone Twp Assessed Value
$214,800
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 Millstone Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08535 | $214,800 | $214,800 | $214,800 | $214,800 | $214,800 |
Source: Ownwell
Property Tax Bills Across Millstone Twp, New Jersey
In Millstone Township, Monmouth County, NJ, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the local assessor's office and is meant to reflect the market value of the property. In this region, the median home price is $214,800. The property tax rate is applied to this assessed value to determine the annual tax bill. For Millstone Township, the median tax bill stands at $5,185, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location within the township, any applicable exemptions, and the local government's budgetary needs. Higher tax bills can impact homeowners by increasing the overall cost of owning a home, which can be particularly burdensome for those on fixed incomes. However, these taxes fund essential public services such as schools, infrastructure, and emergency services, contributing to the community's overall quality of life.
Average Millstone Twp Tax Bill
$5,185
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 Twp, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08535 | $5,185 | $5,185 | $5,185 | $5,185 | $5,185 |
Source: Ownwell