Brick, New Jersey Property Taxes
The median property tax rate in Brick, NJ is 2.42%, 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 Brick at $246,300, the typical annual property tax bill reaches $5,743, exceeding the national median of $2,690. Property taxes in Brick 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 Brick'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 Brick 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
Brick, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$5,960
Ownwell’s Brick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brick 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 Brick, New Jersey
Property taxes in Brick, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brick is 2.42%, significantly higher than the U.S. national median of 0.99%. Local government entities within Brick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brick 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 Brick's effective property tax rate to other areas in Ocean County and the national median. For comparison, the 08724 zip code has the highest median property tax rate of 2.44%, while the 08723 zip code has the lowest median tax rate of 2.42%. Understanding how these areas compare with Brick 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 Brick Tax Rate
2.42%
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 Brick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08723 | 1.98% | 2.37% | 2.42% | 2.42% | 2.42% |
| 08724 | 1.98% | 2.37% | 2.44% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Brick, New Jersey
In Brick, 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 local assessment office 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 Brick, 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 Brick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Brick is $5,869 in the 08723 zip code, while the lowest is $5,649 in the 08724 zip code.
Average Brick Assessed Value
$246,300
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 Brick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08723 | $149,200 | $199,400 | $251,000 | $318,275 | $443,500 |
| 08724 | $114,160 | $171,750 | $243,400 | $302,800 | $399,100 |
Source: Ownwell
Property Tax Bills Across Brick, New Jersey
In Brick, located in Ocean County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Brick is $246,300, and the property tax rate in this area is notably higher than the national median of 0.99%. Factors such as the property's location, size, and market value play crucial roles in determining the assessed value. Homeowners in Brick can expect their tax bills to vary significantly; the 25th percentile tax bill is around $4,230, while the 75th percentile reaches $7,343, and the 90th percentile can be as high as $9,972. ZIP code 08723 has the highest median tax bill at $5,869, whereas ZIP code 08724 has a slightly lower median tax bill at $5,649. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Brick Tax Bill
$5,743
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 Brick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08723 | $3,315 | $4,560 | $5,869 | $7,550 | $10,535 |
| 08724 | $2,680 | $4,003 | $5,649 | $7,204 | $9,601 |
Source: Ownwell