North Middletown, New Jersey Property Taxes
The median property tax rate in North Middletown, NJ is 1.70%, 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 North Middletown, the typical annual property tax bill reaches $5,581, exceeding the national median of $2,690. Property taxes in North Middletown 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 North Middletown'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 North Middletown 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
North Middletown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$5,659
Ownwell’s North Middletown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Middletown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Middletown 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 North Middletown, New Jersey
Property taxes in North Middletown, 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 North Middletown is 1.70%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Middletown set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Middletown 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 North Middletown's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the zip code 07748 has both the highest and lowest median property tax rate of 1.70%, reflecting the uniformity in tax rates across North Middletown. Understanding how these areas compare with North Middletown 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 North Middletown Tax Rate
1.70%
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 North Middletown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07748 | 1.50% | 1.59% | 1.70% | 1.79% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across North Middletown, New Jersey
In North Middletown, 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 North Middletown, 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 North Middletown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5,581 in the zip code 07748, which is also the lowest median tax bill.
Property Tax Assessment Values Across North Middletown, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average North Middletown Assessed Value
$332,900
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 North Middletown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07748 | $215,770 | $256,700 | $332,900 | $423,025 | $492,530 |
Source: Ownwell
Property Tax Bills Across North Middletown, New Jersey
Property tax bills in North Middletown, Monmouth County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and aims to reflect the property's market value. Homeowners in North Middletown face varying tax bills, with the 25th percentile paying around $4,222 and the 75th percentile paying approximately $7,247. The top 10% of homeowners see tax bills as high as $8,587. These property tax rates are significantly higher than the national median property tax rate of 0.99%. Factors such as property size, location, and market conditions influence the assessed value, which in turn affects the tax bill. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning. However, these taxes also contribute to local services and infrastructure, which can enhance community living standards.
Average North Middletown Tax Bill
$5,581
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 North Middletown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07748 | $3,504 | $4,222 | $5,581 | $7,247 | $8,587 |
Source: Ownwell