Neptune, New Jersey Property Taxes
The median property tax rate in Neptune, NJ is 1.81%, considerably higher than the national median of 0.99% but lower than the New Jersey state median of 2.82%. With the median home value in Neptune at $359,500, the typical annual property tax bill reaches $6,428, significantly exceeding the national median of $2,690. Property taxes in Neptune 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 Neptune'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 Neptune 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
Neptune, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$6,507
$6,038
Ownwell’s Neptune Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Neptune with just two pieces of information. By entering your property's estimated assessed value, the calculator uses the median tax rate in Neptune to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities, allowing for better financial planning. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Monmouth County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Neptune, New Jersey
Property taxes in Neptune, 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 Neptune is 1.81%, significantly higher than the U.S. national median of 0.99%. Local government entities within Neptune set these rates annually, and they can vary across different neighborhoods. Each year, Neptune 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 Neptune's effective property tax rate to other areas and the national median. For comparison, the 07753 zip code has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these figures compare with Neptune 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 Neptune Tax Rate
1.81%
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 Neptune, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07753 | 1.55% | 1.67% | 1.81% | 1.91% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Neptune, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Neptune, 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 Monmouth County 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 Neptune, 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 Neptune helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 07753 has the highest median tax bill, amounting to $6,428.
Property Tax Assessment Values Across Neptune, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Neptune Assessed Value
$359,500
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 Neptune, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07753 | $247,410 | $300,500 | $359,500 | $429,975 | $508,290 |
Source: Ownwell
Property Tax Bills Across Neptune, New Jersey
In Neptune, 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 local assessors who evaluate the property's market value. In Neptune, the median home price stands at $359,500. Property taxes can vary significantly within the city, with the 25th percentile tax bill at $5,209 and the 75th percentile at $7,951. Homeowners in the 90th percentile can expect to pay up to $9,481 annually. Several factors influence the tax bill, including changes in property values, local government budgets, and public service funding needs. This can result in varying tax rates even within the same city. For homeowners, these taxes fund essential services like schools, public safety, and infrastructure, directly impacting the community's quality of life. Comparing this to the national median property tax rate of 0.99%, Neptune's property taxes are relatively high, reflecting the value placed on local services and amenities.
Average Neptune Tax Bill
$6,428
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 Neptune, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07753 | $4,211 | $5,209 | $6,428 | $7,951 | $9,481 |
Source: Ownwell