Toms River, New Jersey Property Taxes
The median property tax rate in Toms River, NJ is 1.67%, 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 Toms River, the typical annual property tax bill reaches $4,718, exceeding the national median of $2,690. Property taxes in Toms 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 Toms 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 Toms 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
Toms River, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$4,577
$4,248
Ownwell’s Toms River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toms River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toms 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 Toms River, New Jersey
Property taxes in Toms River, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toms River is 1.67%, significantly higher than the U.S. national median of 0.99%. Local government entities within Toms River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toms 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 Toms River's effective property tax rate to other areas in Ocean County and the national median. For comparison, the 08757 zip code has the highest median property tax rate of 2.17%, while the 08755 zip code has the lowest median tax rate of 1.67%. Understanding how these areas compare with Toms River 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 Toms River Tax Rate
1.67%
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 Toms River, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08753 | 1.51% | 1.65% | 1.67% | 1.67% | 1.67% |
| 08755 | 1.49% | 1.58% | 1.67% | 1.67% | 1.67% |
| 08757 | 1.89% | 2.07% | 2.17% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Toms River, New Jersey
In Toms River, 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 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 Toms 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 Toms River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest median tax bills are 08753 at $5,770 and 08757 at $2,896, respectively.
Property Tax Assessment Values Across Toms River, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Toms River Assessed Value
$274,100
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 Toms River, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08753 | $191,200 | $268,725 | $352,950 | $457,200 | $611,900 |
| 08755 | $222,700 | $273,350 | $341,100 | $537,450 | $732,400 |
| 08757 | $106,400 | $118,900 | $132,800 | $180,600 | $231,940 |
Source: Ownwell
Property Tax Bills Across Toms River, New Jersey
In Toms River, 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 reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the property tax bill. Several factors influence the property tax bill, including changes in the market value of homes, local government budgets, and specific exemptions or abatements that may apply. For instance, the median home price in Toms River is $274,100, resulting in varied tax bills across different percentiles. Homeowners can expect tax bills ranging from $3,027 at the 25th percentile to $9,414 at the 90th percentile. The highest median tax bill in the area is $5,770 in zip code 08753, while the lowest is $2,896 in zip code 08757. These property taxes significantly impact homeowners, influencing their overall housing costs and financial planning. With Toms River's property tax rates being higher compared to the national median rate of 0.99%, it is essential for homeowners to stay informed and consider potential appeals or exemptions to manage their tax liabilities effectively.
Average Toms River Tax Bill
$4,718
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 Toms River, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08753 | $3,113 | $4,359 | $5,770 | $7,522 | $10,069 |
| 08755 | $3,566 | $4,325 | $5,568 | $8,839 | $12,196 |
| 08757 | $2,234 | $2,489 | $2,896 | $4,151 | $5,370 |
Source: Ownwell