Ocean, Monmouth County, New Jersey Property Taxes
Median Ocean, NJ effective property tax rate: 1.72%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Ocean, NJ home value: $505,200
Median annual Ocean, NJ tax bill: $8,157, $5,757 higher than the national median property tax bill of $2,400.
How are property taxes in Monmouth calculated?
Property taxes in Ocean, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Ocean’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Ocean, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Ocean, Monmouth County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.72%
Estimate Property Tax Bill
$8,689
$8,064
Ownwell’s OCEAN Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in OCEAN with just two data points.
By entering your property's estimated assessed value, our calculator applies OCEAN’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Monmouth County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Ocean, Monmouth County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Ocean, located in Monmouth County, NJ, the effective property tax rate is 1.72%, which is higher than the national median property tax rate of 1.02%. This places Ocean among the areas with higher property tax rates in the state. The median property tax bill in Ocean reflects this higher rate, surpassing the national median bill of $2400.
Comparing property tax rates across different regions can provide valuable insights for homeowners. While the rates in Ocean may seem high, they are reflective of the local government's budgetary needs and the value of properties within the area. Understanding these dynamics can help property owners make informed decisions about their investments and potential tax liabilities.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Ocean Tax Rate
1.72%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Monmouth County Tax Rate
1.86%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Ocean, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07712 | 1.45% | 1.57% | 1.72% | 1.83% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Ocean, Monmouth County, New Jersey
When examining property taxes in Ocean, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Monmouth County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: Monmouth County sends assessment notices in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Ocean.
For example, the median home price in Ocean is $505,200, with tax bills ranging significantly across the county. Zip code 07712 has the highest median home price at $505,200.
Property Tax Assessment Values Across Ocean, Monmouth County, New Jersey
Source: Ownwell
$230,800
$1,235,100
$2,239,400
Median Ocean Market Value
$505,200
Median Monmouth County Market Value
$467,900
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Ocean, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07712 | $353,800 | $406,650 | $505,200 | $638,500 | $776,260 |
Source: Ownwell
Property Tax Bills Across Ocean, Monmouth County, New Jersey
In Ocean, located in Monmouth County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $505,200, with property tax bills ranging from $6,959 at the 25th percentile to $13,320 at the 90th percentile. Homeowners in Ocean face a median property tax bill of $8,157, which is significantly higher than the national median of $2,400. This substantial tax burden can affect homeowners by increasing their monthly expenses, making it crucial for them to manage their finances carefully.
Ownwell can assist homeowners in Ocean by providing expert property tax appeal services to potentially lower their tax bills. By analyzing property assessments and comparing them to similar properties, Ownwell identifies discrepancies and advocates for fairer assessments. This service not only helps homeowners save money but also ensures they are not overpaying on their property taxes, providing peace of mind and financial relief.
Median Ocean Tax Bill
$8,157
Median Monmouth County Tax Bill
$8,714
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Ocean, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07712 | $6,152 | $6,959 | $8,157 | $10,865 | $13,320 |
Source: Ownwell