Asbury, New Jersey Property Taxes
The median property tax rate in Asbury, NJ is 3.07%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With a median home value of $284,800, the typical annual property tax bill in Asbury reaches $8,883, far exceeding the national median of $2,690. Property taxes in Asbury are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Asbury'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 Asbury or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Asbury, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.07%
Estimate Property Tax Bill
$8,743
$8,114
Ownwell’s Asbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Asbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Asbury 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 Asbury, New Jersey
Property taxes in Asbury, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Asbury is 3.07%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Asbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Asbury 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 Asbury's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08802 has the highest median property tax rate of 3.07%, while the same zip code also has the lowest median tax rate of 3.07%. Understanding how these cities compare with Asbury provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Asbury Tax Rate
3.07%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Asbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08802 | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% |
Source: Ownwell
Property Tax Assessment Values Across Asbury, New Jersey
In Asbury, 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 Asbury, 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 Asbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 08802 at $8,883, which is significantly above the national median property tax rate of 0.99%.
Average Asbury Assessed Value
$284,800
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Asbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08802 | $186,080 | $232,900 | $284,800 | $439,200 | $517,280 |
Source: Ownwell
Property Tax Bills Across Asbury, New Jersey
Property tax bills in Asbury, Warren County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and is meant to reflect the property's market value. Homeowners in Asbury face significant property tax bills, with the median home price at $284,800. The tax bill for the 25th percentile is $7,157, while it rises to $13,415 for the 75th percentile and $15,875 for the 90th percentile. These figures indicate that property taxes in Asbury are considerably higher than the national median property tax rate of 0.99%. High property tax bills can impact homeowners by increasing the overall cost of homeownership and potentially affecting property values. The highest and lowest median tax bills in the county are both recorded at $8,883 in the 08802 zip code, highlighting the uniformity in tax assessments within certain areas.
Average Asbury Tax Bill
$8,883
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Asbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08802 | $5,918 | $7,157 | $8,883 | $13,415 | $15,875 |
Source: Ownwell