Forked River, New Jersey Property Taxes
The median property tax rate in Forked River, NJ is 2.26%, 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 Forked River at $239,900, the typical annual property tax bill reaches $5,307, exceeding the national median of $2,690. Property taxes in Forked River 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 Forked River'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 Forked River 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
Forked River, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$5,422
$5,031
Ownwell’s Forked River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forked River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forked River 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 Forked River, New Jersey
Property taxes in Forked River, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forked River is 2.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Forked River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forked River 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 Forked River's effective property tax rate to other areas in Ocean County and the national median. For comparison, the zip code 08731 has the highest median property tax rate of 2.26%, while it also has the lowest median tax rate of 2.26%. Understanding how these rates compare within Ocean County provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forked River Tax Rate
2.26%
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 Forked River, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08731 | 2.06% | 2.23% | 2.26% | 2.26% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Forked River, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Forked River, 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 authorities 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 Forked River, 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 Forked River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Forked River both stand at $5307, with the zip code 08731 reflecting this value.
Property Tax Assessment Values Across Forked River, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Forked River Assessed Value
$239,900
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 Forked River, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08731 | $154,790 | $188,500 | $239,900 | $340,700 | $438,200 |
Source: Ownwell
Property Tax Bills Across Forked River, New Jersey
In Forked River, NJ, located in Ocean County, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is an estimate of what the property would sell for under normal market conditions. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Homeowners in Forked River face a median property tax bill of $5,307, which is substantially higher than the national median property tax rate of 0.99%. For instance, homes at the 25th percentile have tax bills around $4,138, while those at the 75th percentile face bills as high as $7,506. The top 10% of properties see tax bills nearing $9,797. These high property taxes can significantly impact homeowners, influencing decisions on home buying, selling, and even long-term financial planning. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Forked River Tax Bill
$5,307
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 Forked River, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08731 | $3,361 | $4,138 | $5,307 | $7,506 | $9,797 |
Source: Ownwell