Harvey Cedars, Ocean County, New Jersey Property Taxes
The median property tax rate in Harvey Cedars, NJ is 0.97%, slightly lower than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Harvey Cedars at $984,400, the typical annual property tax bill reaches $9,361, significantly exceeding the national median of $2,690. Property taxes in Harvey Cedars 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 Harvey Cedars' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Harvey Cedars 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
Harvey Cedars, Ocean County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$9,549
$8,861
Ownwell’s Harvey Cedars Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harvey Cedars with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harvey Cedars 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 Harvey Cedars, Ocean County, New Jersey
Property taxes in Harvey Cedars, 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 Harvey Cedars is 0.97%, slightly lower than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Harvey Cedars set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harvey Cedars 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 Harvey Cedars' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08008 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Harvey Cedars 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 Harvey Cedars Tax Rate
0.97%
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 Harvey Cedars, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | 0.93% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Harvey Cedars, Ocean County, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Harvey Cedars, 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 Harvey Cedars, 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 Harvey Cedars helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $9361, found in the zip code 08008.
Property Tax Assessment Values Across Harvey Cedars, Ocean County, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Harvey Cedars Assessed Value
$984,400
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 Harvey Cedars, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | $632,660 | $760,800 | $984,400 | $1,385,350 | $1,785,920 |
Source: Ownwell
Property Tax Bills Across Harvey Cedars, Ocean County, New Jersey
In Harvey Cedars, located in Ocean County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $984,400. To calculate the property tax bill, the assessed value is multiplied by the local tax rate. For instance, the national median property tax rate is 0.99%, but local rates can vary. Several factors influence the tax bill, including the property's market value, assessment ratio, and any applicable exemptions. Homeowners in Harvey Cedars can expect property tax bills to vary significantly. For example, the 25th percentile tax bill is $7,202, while the 75th percentile reaches $13,337, and the 90th percentile can be as high as $17,028. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and public safety. In areas like Harvey Cedars, where property values are high, homeowners may face substantial tax bills compared to the national average.
Average Harvey Cedars Tax Bill
$9,361
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 Harvey Cedars, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08008 | $5,953 | $7,202 | $9,361 | $13,337 | $17,028 |
Source: Ownwell