Ocean Grove, Monmouth County, New Jersey Property Taxes
The median property tax rate in Ocean Grove, NJ is 1.79%, 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 Ocean Grove, the typical annual property tax bill reaches $11,153, significantly exceeding the national median of $2,690. Property taxes in Ocean Grove 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 Ocean Grove'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 Ocean Grove or another part of Monmouth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ocean Grove, Monmouth County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.79%
Estimate Property Tax Bill
$11,293
$10,480
Ownwell’s Ocean Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocean Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocean Grove 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 Ocean Grove, Monmouth County, New Jersey
Property taxes in Ocean Grove, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocean Grove is 1.79%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ocean Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocean Grove 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 Ocean Grove's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07756 has the highest median property tax rate of 1.79%, while the same zip code also has the lowest median tax rate of 1.79%. Understanding how these cities compare with Ocean Grove 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 Ocean Grove Tax Rate
1.79%
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 Ocean Grove, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07756 | 1.66% | 1.70% | 1.79% | 1.90% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Ocean Grove, Monmouth County, New Jersey
In Ocean Grove, 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. 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 Ocean Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $11,153, specifically in the 07756 zip code.
Property Tax Assessment Values Across Ocean Grove, Monmouth County, New Jersey
Source: Ownwell
$230,800
$1,235,100
$2,239,400
Average Ocean Grove Assessed Value
$630,900
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 Ocean Grove, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07756 | $375,000 | $504,600 | $630,900 | $769,100 | $952,540 |
Source: Ownwell
Property Tax Bills Across Ocean Grove, Monmouth County, New Jersey
In Ocean Grove, Monmouth County, NJ, property tax bills 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, which evaluates the property's market value and then applies an assessment ratio to arrive at the assessed value. This value is then multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and market conditions. In Ocean Grove, the median home price is $630,900, leading to substantial tax bills. For instance, homeowners in the 25th percentile pay around $9,007 annually, while those in the 75th percentile face bills of approximately $14,128. At the 90th percentile, tax bills can soar to $17,621. These property taxes significantly impact homeowners, often representing a considerable portion of annual expenses. Given that the national median property tax rate is 0.99%, the tax rates in Ocean Grove can be relatively high, reflecting the area's property values and local tax policies.
Property Tax Bills Across Ocean Grove, Monmouth County, New Jersey
Source: Ownwell
$5,432
$12,230
$19,028
Average Ocean Grove Tax Bill
$11,153
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 Ocean Grove, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07756 | $6,663 | $9,007 | $11,153 | $14,128 | $17,621 |
Source: Ownwell