Waretown, New Jersey Property Taxes
The median property tax rate in Waretown, NJ is 2.17%, 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 Waretown at $280,500, the typical annual property tax bill reaches $5,752, exceeding the national median of $2,690. Property taxes in Waretown 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 Waretown'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 Waretown 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
Waretown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.17%
Estimate Property Tax Bill
$6,087
Ownwell’s Waretown Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Waretown with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Waretown to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by Ocean County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Waretown, New Jersey
Property taxes in Waretown, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waretown is 2.17%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Waretown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waretown 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 Waretown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08758 zip code has the highest median property tax rate of 2.17%, while the same zip code also has the lowest median tax rate of 2.17%. Understanding how these cities compare with Waretown 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 Waretown Tax Rate
2.17%
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 Waretown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08758 | 1.96% | 2.06% | 2.17% | 2.17% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Waretown, New Jersey
In Waretown, 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 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 Waretown, 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 Waretown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $280,500, with median tax bills ranging from $3,832 at the 25th percentile to $8,012 at the 90th percentile. The zip code 08758 has the highest and lowest median tax bill at $5,752.
Average Waretown Assessed Value
$280,500
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 Waretown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08758 | $142,070 | $181,900 | $280,500 | $335,000 | $376,300 |
Source: Ownwell
Property Tax Bills Across Waretown, New Jersey
In Waretown, 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 is meant to reflect the market value of the property. Homeowners in Waretown can expect a median home price of $280,500. With a median property tax bill of $5,752, the tax rate in this area is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements or renovations made to the home. For instance, the 25th percentile of tax bills in Waretown is $3,832, while the 75th percentile reaches $7,023, and the 90th percentile is $8,012. These variations highlight how different property characteristics can affect the overall tax burden. Higher property taxes can impact homeowners by increasing their monthly expenses, which is important to consider when budgeting for a home in Waretown.
Average Waretown Tax Bill
$5,752
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 Waretown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08758 | $2,969 | $3,832 | $5,752 | $7,023 | $8,012 |
Source: Ownwell