Mantoloking, New Jersey Property Taxes
The median property tax rate in Mantoloking, 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 Mantoloking at $938,200, the typical annual property tax bill reaches $17,948, far exceeding the national median of $2,690. Property taxes in Mantoloking 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 Mantoloking'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 Mantoloking or another part of Ocean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mantoloking, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$22,704
$21,069
Ownwell’s Mantoloking Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mantoloking with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mantoloking 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 Mantoloking, New Jersey
Property taxes in Mantoloking, 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 Mantoloking is 1.55%, significantly higher than both the New Jersey state median of 2.21% and the U.S. national median of 0.99%. Local government entities within Mantoloking set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mantoloking 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 Mantoloking's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08738 zip code has the highest median property tax rate of 1.55%, while the same 08738 zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Mantoloking 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 Mantoloking 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 Mantoloking, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08738 | 0.70% | 0.70% | 2.42% | 2.42% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Mantoloking, New Jersey
In Mantoloking, 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 Assessor's 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 Mantoloking, 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 Mantoloking 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 both stand at $17,948 in zip code 08738.
Property Tax Assessment Values Across Mantoloking, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Mantoloking Assessed Value
$938,200
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 Mantoloking, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08738 | $400,510 | $625,300 | $938,200 | $1,661,600 | $3,062,080 |
Source: Ownwell
Property Tax Bills Across Mantoloking, New Jersey
In Mantoloking, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value determined by the tax assessor. Homeowners in Mantoloking, located in Ocean County, NJ, face some of the highest property taxes in the nation. The median home price in Mantoloking is $938,200, significantly higher than the national median. Consequently, the property tax bills in this area are substantial. For instance, the tax bill at the 25th percentile is $12,178, while at the 75th percentile, it reaches $27,176. At the 90th percentile, homeowners might see tax bills as high as $38,777. These figures reflect the considerable financial impact on homeowners, making it crucial to understand how local property taxes are determined. Comparing these numbers to the national median property tax rate of 0.99%, Mantoloking's property taxes are notably higher, affecting the overall affordability and cost of living for residents.
Average Mantoloking Tax Bill
$17,948
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 Mantoloking, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08738 | $7,486 | $12,178 | $17,948 | $27,176 | $38,777 |
Source: Ownwell