Wrightstown, New Jersey Property Taxes
The median property tax rate in Wrightstown, NJ is 2.17%, 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 Wrightstown at $584,100, the typical annual property tax bill reaches $13,384, far exceeding the national median of $2,690. Property taxes in Wrightstown 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 Wrightstown'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 Wrightstown 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
Wrightstown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.17%
Estimate Property Tax Bill
$12,675
Ownwell’s Wrightstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wrightstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wrightstown 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 Wrightstown, New Jersey
Property taxes in Wrightstown, 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 Wrightstown is 2.17%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Wrightstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wrightstown 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 Wrightstown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08562 in Wrightstown has the highest median property tax rate of 2.17%, while the same zip code also has the lowest median tax rate of 2.17%. Understanding how these rates compare within Wrightstown 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 Wrightstown Tax Rate
2.17%
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 Wrightstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08562 | 2.14% | 2.15% | 2.17% | 2.19% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Wrightstown, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wrightstown, 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 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 Wrightstown, 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. The median home price in Wrightstown is $584,100, with property tax bills ranging from $10,049 at the 25th percentile to $20,177 at the 90th percentile. The zip code 08562 has the highest and lowest median tax bill, both at $13,384. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wrightstown, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Wrightstown Assessed Value
$584,100
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 Wrightstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08562 | $427,660 | $463,300 | $584,100 | $733,800 | $928,440 |
Source: Ownwell
Property Tax Bills Across Wrightstown, New Jersey
In Wrightstown, 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 home's market value, which is periodically reassessed to reflect changes in the real estate market. For example, with a median home price of $584,100, the tax bill can vary significantly based on the home's assessed value and the specific tax rate applied. Several factors influence the property tax bill, including the home's location within the county, the local school district, and municipal services. Homeowners in Wrightstown can expect tax bills ranging from $10,049 at the 25th percentile to $20,177 at the 90th percentile. This variability highlights the importance of accurate assessments and the impact of local tax rates. Compared to the national median property tax rate of 0.99%, Wrightstown's property tax bills are notably higher, reflecting the region's higher home values and local tax policies. This can significantly affect homeowners' finances, making it crucial to understand how these taxes are calculated and managed.
Average Wrightstown Tax Bill
$13,384
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 Wrightstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08562 | $9,224 | $10,049 | $13,384 | $15,627 | $20,177 |
Source: Ownwell