Red Bank, Monmouth County, New Jersey Property Taxes

Name: Property Tax Bills Across Red Bank, Monmouth County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Red Bank, NJ effective property tax rate: 1.88%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Red Bank, NJ home value: $461,400
Median annual Red Bank, NJ tax bill: $8,345, $5,945 higher than the national median property tax bill of $2,400.

How are property taxes in Monmouth calculated?

Property taxes in Red Bank, 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 Red Bank’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Red Bank, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Red Bank, Monmouth County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.88%

Estimate Property Tax Bill

$8,674

$8,050

Ownwell’s Red Bank Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Red Bank with just two data points. By entering your property's estimated assessed value, our calculator applies Red Bank’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. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Red Bank, Monmouth County, New Jersey

Local government entities set property tax rates, which can vary significantly within a state. Each year, counties estimate their required budget to provide essential services and divide that by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.

In Red Bank, located in Monmouth County, the effective property tax rate stands at 1.88%. This is notably higher than the national median property tax rate of 1.02%. The median property tax bill in Red Bank also surpasses the national median of $2400, reflecting the higher cost of living and property values in the area. Comparing Red Bank's property tax rate to other cities in New Jersey, it is clear that the rates are consistent within the state. However, they remain significantly above the national average, which can impact homeowners' financial planning and decisions. Understanding these differences is crucial for property owners, as it affects overall affordability and long-term investment strategies.

Property Tax Rates Across Red Bank, Monmouth County, New Jersey

Source: Ownwell

0.60%

1.69%

2.77%

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 Red Bank Tax Rate

1.88%

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 Red Bank, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07701	1.67%	1.76%	1.88%	1.95%	2.02%

Source: Ownwell

Property Tax Assessment Values Across Red Bank, Monmouth County, New Jersey

When examining property taxes in Red Bank, 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: In Monmouth County, assessment notices are sent 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 Red Bank. For example, the median home price in Red Bank is $461,400, with tax bills ranging significantly across the county. 07701 has the highest median home price at $461,400.

Property Tax Assessment Values Across Red Bank, Monmouth County, New Jersey

Source: Ownwell

$230,800

$1,235,100

$2,239,400

Median Red Bank Market Value

$461,400

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 Red Bank, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07701	$223,590	$325,200	$461,400	$595,200	$760,630

Source: Ownwell

Property Tax Bills Across Red Bank, Monmouth County, New Jersey

Property tax bills in Red Bank, located in Monmouth County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the local assessor. In Red Bank, the median home price is $461,400, which significantly influences the tax bill. The property tax rate in this area results in a median tax bill of $8,345, notably higher than the national median property tax bill of $2,400. Factors such as property location, size, and improvements can affect the assessed value, thereby impacting the tax bill. Homeowners in Red Bank can face substantial property tax bills, with the 25th percentile at $6,012 and the 90th percentile reaching $14,264. Ownwell assists homeowners by reviewing their property assessments and identifying potential inaccuracies or overvaluations. By appealing these assessments, Ownwell helps homeowners potentially reduce their tax liabilities, ensuring they pay only their fair share.

Property Tax Bills Across Red Bank, Monmouth County, New Jersey

Source: Ownwell

$5,432

$12,230

$19,028

Median Red Bank Tax Bill

$8,345

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 Red Bank, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07701	$4,169	$6,012	$8,345	$11,134	$14,264

Source: Ownwell