Port Monmouth, New Jersey Property Taxes
The median property tax rate in Port Monmouth, NJ is 1.71%, 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 Port Monmouth at $400,000, the typical annual property tax bill reaches $6,771, exceeding the national median of $2,690. Property taxes in Port Monmouth 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 Port Monmouth'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 Port Monmouth 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
Port Monmouth, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$6,840
Ownwell’s Port Monmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Monmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Monmouth 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 Port Monmouth, New Jersey
Property taxes in Port Monmouth, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Monmouth is 1.71%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Port Monmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Monmouth 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 Port Monmouth's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07758 zip code has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Port Monmouth 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 Port Monmouth Tax Rate
1.71%
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 Port Monmouth, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07758 | 1.50% | 1.63% | 1.71% | 1.78% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Port Monmouth, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Port Monmouth, 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 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. In Port Monmouth, 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. The median home price in this area is $400,000, with tax bills ranging from $5,382 at the 25th percentile to $10,161 at the 90th percentile. Notably, the zip code 07758 has the highest and lowest median tax bill at $6,771. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Port Monmouth, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Port Monmouth Assessed Value
$400,000
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 Port Monmouth, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07758 | $275,000 | $329,950 | $400,000 | $501,900 | $575,100 |
Source: Ownwell
Property Tax Bills Across Port Monmouth, New Jersey
In Port Monmouth, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Monmouth County, the property tax rate is notably higher than the national median of 0.99%. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made to the home. In Port Monmouth, the median home price is $400,000. Homeowners in the 25th percentile can expect a tax bill around $5,382, while those in the 75th percentile might see bills as high as $8,538. At the 90th percentile, tax bills can reach up to $10,161. High property taxes can significantly impact homeowners, increasing the overall cost of homeownership and potentially affecting affordability and resale value. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Port Monmouth Tax Bill
$6,771
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 Port Monmouth, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07758 | $4,467 | $5,382 | $6,771 | $8,538 | $10,161 |
Source: Ownwell