Beachwood, New Jersey Property Taxes
The median property tax rate in Beachwood, NJ is 2.65%, 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 Beachwood at $196,300, the typical annual property tax bill reaches $5,004, significantly exceeding the national median of $2,690. Property taxes in Beachwood 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 Beachwood'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 Beachwood 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
Beachwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$5,202
$4,827
Ownwell’s Beachwood Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Beachwood with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Beachwood to provide an estimated property tax bill. This tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Beachwood, New Jersey
Property taxes in Beachwood, New Jersey, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Beachwood is 2.65%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Beachwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beachwood 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 Beachwood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08722 has the highest median property tax rate of 2.65%, while the same zip code also has the lowest median tax rate of 2.65%. Understanding how these cities compare with Beachwood 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 Beachwood Tax Rate
2.65%
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 Beachwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08722 | 2.18% | 2.57% | 2.65% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Beachwood, New Jersey
In Beachwood, 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 Ocean 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 Beachwood, 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 Beachwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Beachwood is $196,300, with tax bills ranging from $4,304 at the 25th percentile to $7,075 at the 90th percentile. Notably, the zip code 08722 has both the highest and lowest median tax bill at $5,004.
Average Beachwood Assessed Value
$196,300
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 Beachwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08722 | $154,700 | $173,500 | $196,300 | $225,700 | $272,600 |
Source: Ownwell
Property Tax Bills Across Beachwood, New Jersey
In Beachwood, located in Ocean 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 county assessor and reflects the property's market value. Homeowners in Beachwood typically face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $4,304, while the 75th percentile tax bill reaches up to $5,833. At the higher end, the 90th percentile tax bill can be as much as $7,075. These tax bills are influenced by several factors, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. The median home price in Beachwood stands at $196,300, which, when combined with the local tax rate, results in a median property tax bill of approximately $5,004. This is notably higher than the national median property tax rate of 0.99%, reflecting the relatively higher property taxes in this region.
Average Beachwood Tax Bill
$5,004
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 Beachwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08722 | $3,775 | $4,304 | $5,004 | $5,833 | $7,075 |
Source: Ownwell