Monmouth Beach, New Jersey Property Taxes
The median property tax rate in Monmouth Beach, NJ is 1.13%, which is considerably higher than the national median of 0.99% but much lower than the New Jersey state median of 2.82%. With a median home value of $741,400 in Monmouth Beach, the typical annual property tax bill reaches $8,219, far exceeding the national median of $2,690. Property taxes here are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monmouth Beach'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 Monmouth Beach 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
Monmouth Beach, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$8,378
Ownwell’s Monmouth Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monmouth Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monmouth Beach 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 Monmouth Beach, New Jersey
Property taxes in Monmouth Beach, 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 Monmouth Beach is 1.13%, which is higher than the U.S. national median of 0.99%. Local government entities within Monmouth Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monmouth Beach 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 Monmouth Beach's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07750 zip code has the highest median property tax rate of 1.13%, while the lowest median tax rate is also 1.13%. Understanding how these cities compare with Monmouth Beach 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 Monmouth Beach Tax Rate
1.13%
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 Monmouth Beach, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07750 | 1.03% | 1.09% | 1.13% | 1.16% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Monmouth Beach, New Jersey
In Monmouth Beach, 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 Monmouth Beach, 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 Monmouth Beach 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 bills in Monmouth Beach is 07750, with a median tax bill of $8,219.
Property Tax Assessment Values Across Monmouth Beach, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Monmouth Beach Assessed Value
$741,400
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 Monmouth Beach, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07750 | $336,280 | $458,275 | $741,400 | $1,106,400 | $1,583,000 |
Source: Ownwell
Property Tax Bills Across Monmouth Beach, New Jersey
In Monmouth Beach, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by local assessors who evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Monmouth Beach experience a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $5,146, while those in the 75th percentile see bills closer to $12,428. At the 90th percentile, property tax bills can reach up to $18,233. Compared to the national median property tax rate of 0.99%, Monmouth Beach's tax bills reflect the higher home values in the area, with a median home price of $741,400. These tax bills significantly impact homeowners, influencing their overall housing costs and potentially affecting decisions related to property ownership and investment in the area.
Average Monmouth Beach Tax Bill
$8,219
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 Monmouth Beach, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07750 | $3,636 | $5,146 | $8,219 | $12,428 | $18,233 |
Source: Ownwell