Red Bank, New Jersey Property Taxes
The median property tax rate in Red Bank, NJ is 1.88%, 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 Red Bank, the typical annual property tax bill reaches $8,345, exceeding the national median of $2,690. Property taxes in Red Bank 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 Red Bank'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 Red Bank 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
Red Bank, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$8,674
Ownwell’s Red Bank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Bank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Bank 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 Red Bank, New Jersey
Property taxes in Red Bank, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Bank is 1.88%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Red Bank set these rates annually, and they can vary across different neighborhoods. Each year, Red Bank 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 Red Bank's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07701 has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these areas compare with Red Bank 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 Red Bank Tax Rate
1.88%
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 Red Bank, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07701 | 1.67% | 1.76% | 1.88% | 1.95% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Red Bank, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Red Bank, New Jersey. 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 Monmouth County 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 Red Bank, 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 Red Bank 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 $8,345 in the 07701 zip code, which also has the lowest median tax bill, reflecting a consistent tax environment.
Property Tax Assessment Values Across Red Bank, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Red Bank Assessed Value
$461,400
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 Red Bank, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07701 | $223,590 | $325,200 | $461,400 | $595,200 | $760,630 |
Source: Ownwell
Property Tax Bills Across Red Bank, New Jersey
In Red Bank, located in Monmouth County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor, who evaluates the property's market value and then applies an assessment ratio. This value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Red Bank is $461,400, and the property tax rate is significantly higher than the national median of 0.99%. Homeowners in Red Bank can expect property tax bills varying widely based on their property values. For instance, the 25th percentile tax bill stands at $6,012, while the 75th percentile reaches $11,134, and the 90th percentile climbs to $14,264. The highest and lowest median tax bills in the area are both $8,345, reflecting a consistent tax rate across different properties. These tax bills can significantly impact homeowners, influencing their financial planning and the overall cost of homeownership.
Average Red Bank Tax Bill
$8,345
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 Red Bank, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07701 | $4,169 | $6,012 | $8,345 | $11,134 | $14,264 |
Source: Ownwell