Roosevelt, New Jersey Property Taxes
The median property tax rate in Roosevelt, NJ is 2.77%, 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 Roosevelt at $286,400, the typical annual property tax bill reaches $7,669, significantly exceeding the national median of $2,690. Property taxes in Roosevelt 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 Roosevelt'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 Roosevelt 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
Roosevelt, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$7,933
Ownwell’s Roosevelt Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Roosevelt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roosevelt to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Monmouth County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Roosevelt, New Jersey
Property taxes in Roosevelt, 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 Roosevelt stands at 2.77%, which is significantly higher than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Roosevelt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roosevelt 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. For comparison, the zip code 08555 in Roosevelt has the highest median property tax rate of 2.77%, while the same zip code also has the lowest median tax rate of 2.77%. Understanding how Roosevelt's tax rates compare with other areas in Monmouth County provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roosevelt Tax Rate
2.77%
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 Roosevelt, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08555 | 2.50% | 2.67% | 2.77% | 2.81% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Roosevelt, New Jersey
In Roosevelt, 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 Roosevelt, 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 Roosevelt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Roosevelt is $7,669 in the 08555 zip code, aligning with the lowest median tax bill, which is also $7,669 in the same zip code.
Property Tax Assessment Values Across Roosevelt, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Roosevelt Assessed Value
$286,400
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 Roosevelt, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08555 | $206,240 | $237,200 | $286,400 | $345,600 | $418,160 |
Source: Ownwell
Property Tax Bills Across Roosevelt, New Jersey
In Roosevelt, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local authorities. Factors such as property size, location, and improvements can influence this value. Roosevelt's property tax rate is influenced by the county's needs and budgets, school funding, and municipal services. Homeowners in Roosevelt face a median property tax bill of $7,669, significantly higher than the national median property tax rate of 0.99%. For instance, the 25th percentile tax bill is $6,564, while the 75th percentile tax bill reaches $9,253. At the higher end, the 90th percentile tax bill can be as much as $10,973. These tax obligations can impact homeowners' financial planning and the overall affordability of living in the area, making it crucial for residents to understand how their tax bills are calculated and what factors contribute to the final amount.
Average Roosevelt Tax Bill
$7,669
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 Roosevelt, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08555 | $5,890 | $6,564 | $7,669 | $9,253 | $10,973 |
Source: Ownwell