Sea Bright, Monmouth County, New Jersey Property Taxes
The median property tax rate in Sea Bright, NJ is 1.09%, which is considerably higher than the national median of 0.99% but significantly lower than the New Jersey state median of 2.82%. With a median home value of $594,900 in Sea Bright, the typical annual property tax bill reaches $6,492, far exceeding the national median of $2,690. Property taxes in Sea Bright are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sea Bright'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 Sea Bright 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
Sea Bright, Monmouth County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$6,484
$6,017
Ownwell’s Sea Bright Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sea Bright with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sea Bright 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 Sea Bright, Monmouth County, New Jersey
Property taxes in Sea Bright, New Jersey, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Sea Bright stands at 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Sea Bright set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sea Bright 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 Sea Bright's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07760 zip code has the highest median property tax rate of 1.09%, while the same zip code also holds the lowest median tax rate of 1.09%. Understanding how these cities compare with Sea Bright 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 Sea Bright Tax Rate
1.09%
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 Sea Bright, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07760 | 0.95% | 1.01% | 1.09% | 1.14% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Sea Bright, Monmouth County, New Jersey
In Sea Bright, 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 Sea Bright, 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. For instance, the median home price in Sea Bright is $594,900, with tax bills ranging significantly. The 25th percentile tax bill is $3,671, while the 75th percentile tax bill is $10,356, and the 90th percentile tax bill reaches $15,877. 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 Sea Bright helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sea Bright, Monmouth County, New Jersey
Source: Ownwell
$230,800
$1,235,100
$2,239,400
Average Sea Bright Assessed Value
$594,900
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 Sea Bright, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07760 | $278,800 | $361,900 | $594,900 | $915,850 | $1,503,800 |
Source: Ownwell
Property Tax Bills Across Sea Bright, Monmouth County, New Jersey
Property tax bills in Sea Bright, NJ, are calculated based on the assessed value of a property, which is determined by local tax assessors. These assessments consider factors such as the property's location, size, and market conditions. Homeowners in Sea Bright can expect their tax bills to vary significantly, with the 25th percentile at $3,671 and the 75th percentile reaching $10,356. The highest median tax bill in the area is $6,492, which is notably higher than the national median property tax rate of 0.99%. The assessed value is multiplied by the local tax rate to determine the final tax bill. This tax revenue funds essential public services like schools, emergency services, and infrastructure maintenance. Higher property taxes can impact homeowners by increasing their annual expenses, but they also contribute to maintaining and improving local amenities and services, which can enhance property values over time. Understanding these factors helps homeowners plan and budget for their property-related expenses effectively.
Property Tax Bills Across Sea Bright, Monmouth County, New Jersey
Source: Ownwell
$5,432
$12,230
$19,028
Average Sea Bright Tax Bill
$6,492
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 Sea Bright, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07760 | $2,820 | $3,671 | $6,492 | $10,356 | $15,877 |
Source: Ownwell