Barnegat Light, Ocean County, New Jersey Property Taxes
The median property tax rate in Barnegat Light, NJ is 0.83%, which is notably lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $718,500 in Barnegat Light, the typical annual property tax bill amounts to $5,946, surpassing the national median of $2,690. Property taxes in Barnegat Light are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Barnegat Light'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 Barnegat Light 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
Barnegat Light, Ocean County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$5,964
$5,534
Ownwell’s Barnegat Light Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Barnegat Light with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Barnegat Light to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in exploring trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Ocean County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Barnegat Light, Ocean County, New Jersey
Property taxes in Barnegat Light, 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 Barnegat Light is 0.83%, which is lower than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Barnegat Light set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnegat Light 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 Barnegat Light's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08006 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Barnegat Light provides valuable insights into the varying tax landscape across Ocean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnegat Light Tax Rate
0.83%
Average Ocean County Tax Rate
2.26%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnegat Light, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08006 | 0.83% | 0.83% | 0.83% | 0.83% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Barnegat Light, Ocean County, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Barnegat Light, 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 local 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 Barnegat Light, 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. Barnegat Light's median home price is $718,500, with the 25th percentile tax bill at $4,829 and the 75th percentile at $7,427. The highest and lowest median tax bills are both $5,946 in zip code 08006. Understanding these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Barnegat Light, Ocean County, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Barnegat Light Assessed Value
$718,500
Average Ocean County Assessed Value
$281,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnegat Light, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08006 | $498,700 | $586,875 | $718,500 | $896,875 | $1,174,560 |
Source: Ownwell
Property Tax Bills Across Barnegat Light, Ocean County, New Jersey
In Barnegat Light, located in Ocean County, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is derived from the market value of the property, which in Barnegat Light has a median home price of $718,500. Various factors such as property size, location, and market conditions influence this assessed value. Homeowners in Barnegat Light can expect a range of property tax bills. For instance, the tax bill at the 25th percentile is $4,829, while at the 75th percentile, it rises to $7,427. The 90th percentile tax bill can reach up to $9,731. The highest and lowest median tax bills in the area are both $5,946, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Barnegat Light's property tax rates can result in significantly higher tax bills due to the high median home prices. This impacts homeowners by adding a substantial annual expense that must be factored into the overall cost of owning a home.
Property Tax Bills Across Barnegat Light, Ocean County, New Jersey
Source: Ownwell
$1,922
$9,935
$17,948
Average Barnegat Light Tax Bill
$5,946
Average Ocean County Tax Bill
$5,983
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnegat Light, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08006 | $4,081 | $4,829 | $5,946 | $7,427 | $9,731 |
Source: Ownwell