Oceanport, New Jersey Property Taxes
The median property tax rate in Oceanport, NJ is 1.77%, 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 Oceanport at $553,300, the typical annual property tax bill reaches $9,624, far exceeding the national median of $2,690. Property taxes in Oceanport 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 Oceanport'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 Oceanport 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
Oceanport, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.77%
Estimate Property Tax Bill
$9,793
Ownwell’s Oceanport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oceanport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oceanport 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 Oceanport, New Jersey
Property taxes in Oceanport, 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 Oceanport is 1.77%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oceanport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oceanport 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 Oceanport's effective property tax rate to other areas and the national median. For comparison, the zip code 07757 has the highest median property tax rate of 1.77%, while the same zip code also has the lowest median tax rate of 1.77%. Understanding how these areas compare with Oceanport 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 Oceanport Tax Rate
1.77%
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 Oceanport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07757 | 1.61% | 1.70% | 1.77% | 1.82% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Oceanport, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oceanport, NJ. 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 Oceanport, 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 Oceanport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Oceanport are both $9,624, specifically in the 07757 zip code.
Property Tax Assessment Values Across Oceanport, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Oceanport Assessed Value
$553,300
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 Oceanport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07757 | $381,820 | $446,150 | $553,300 | $711,550 | $961,120 |
Source: Ownwell
Property Tax Bills Across Oceanport, New Jersey
In Oceanport, located in Monmouth County, NJ, property tax bills are calculated based on the assessed value of the home and the applicable tax rate. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Once the property is assessed, the tax rate, set by local government entities, is applied to this value. Homeowners in Oceanport face a median property tax bill of approximately $9,624, which is significantly higher than the national median property tax rate of 0.99%. For example, homes in the 25th percentile have a tax bill around $7,725, while those in the 75th percentile face taxes closer to $12,488. At the 90th percentile, tax bills can reach up to $16,959. These figures highlight the substantial property tax burden on homeowners, affecting their overall cost of living and financial planning. Understanding how these factors interplay can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Oceanport Tax Bill
$9,624
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 Oceanport, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07757 | $6,635 | $7,725 | $9,624 | $12,488 | $16,959 |
Source: Ownwell