Oakhurst, Monmouth County, New Jersey Property Taxes
The median property tax rate in Oakhurst, NJ is 1.59%, 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 Oakhurst, the typical annual property tax bill reaches $9,351, exceeding the national median of $2,690. Property taxes in Oakhurst 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 Oakhurst'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 Oakhurst 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
Oakhurst, Monmouth County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$9,274
$8,606
Ownwell’s Oakhurst Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakhurst with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakhurst 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 Oakhurst, Monmouth County, New Jersey
Property taxes in Oakhurst, 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 Oakhurst is 1.59%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Oakhurst set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakhurst 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 Oakhurst's effective property tax rate to other areas in Monmouth County and the national median. For comparison, the zip code 07755 has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these areas compare with Oakhurst 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 Oakhurst Tax Rate
1.59%
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 Oakhurst, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07755 | 1.43% | 1.52% | 1.59% | 1.72% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Oakhurst, Monmouth County, New Jersey
In Oakhurst, 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 Oakhurst, 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 Oakhurst helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $9,351, found in zip code 07755.
Property Tax Assessment Values Across Oakhurst, Monmouth County, New Jersey
Source: Ownwell
$230,800
$1,235,100
$2,239,400
Average Oakhurst Assessed Value
$583,300
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 Oakhurst, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07755 | $471,460 | $515,500 | $583,300 | $694,300 | $1,138,560 |
Source: Ownwell
Property Tax Bills Across Oakhurst, Monmouth County, New Jersey
In Oakhurst, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the Monmouth County tax assessor's office. The assessed value is a percentage of the market value of the property. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location within Oakhurst, the overall budget needs of the local government, and any applicable exemptions or deductions. For example, the median home price in Oakhurst is $583,300, contributing to a median tax bill of $9,351. This figure is significantly higher than the national median property tax rate of 0.99%, reflecting the area's higher property values and local tax rates. Homeowners in Oakhurst may find these tax bills impactful, as they can represent a substantial portion of annual household expenses. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and seek any available exemptions to reduce their tax burden.
Average Oakhurst Tax Bill
$9,351
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 Oakhurst, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07755 | $7,244 | $8,051 | $9,351 | $11,625 | $17,117 |
Source: Ownwell