Berkeley, New Jersey Property Taxes
The median property tax rate in Berkeley, NJ is 2.28%, 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 Berkeley, the typical annual property tax bill reaches $2,325, slightly below the national median of $2,690. Property taxes in Berkeley 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 Berkeley'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 Berkeley 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
Berkeley, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$2,410
$2,236
Ownwell’s Berkeley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Berkeley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berkeley 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 Ocean County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Berkeley, New Jersey
Property taxes in Berkeley, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berkeley is 2.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Berkeley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berkeley 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 Berkeley's effective property tax rate to other areas and the national median. For comparison, the 08757 zip code has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these rates compare with Berkeley 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 Berkeley Tax Rate
2.28%
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 Berkeley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08757 | 1.97% | 2.09% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Berkeley, New Jersey
In Berkeley, 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 Berkeley, 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 Berkeley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,325, occurring in the 08757 zip code.
Average Berkeley Assessed Value
$105,700
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 Berkeley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08757 | $95,800 | $101,200 | $105,700 | $114,800 | $131,040 |
Source: Ownwell
Property Tax Bills Across Berkeley, New Jersey
In Berkeley, 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 local tax assessor and ideally reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the size, location, and condition of the property, as well as recent sales of comparable homes in the area. For homeowners, this means that improvements or market changes can significantly impact their tax bills. In Berkeley, the median home price is $105,700, and property tax bills range from $2,160 at the 25th percentile to $2,890 at the 90th percentile. Comparatively, the highest and lowest median tax bills in the area are both $2,325, which is significantly higher than the national median property tax rate of 0.99%. This can place a substantial financial burden on homeowners, making it crucial to understand and potentially appeal their property assessments.
Average Berkeley Tax Bill
$2,325
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 Berkeley, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08757 | $2,009 | $2,160 | $2,325 | $2,548 | $2,890 |
Source: Ownwell