Shrewsbury, Monmouth County, New Jersey Property Taxes

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

Median SHREWSBURY, NJ effective property tax rate: 1.92%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%. Median SHREWSBURY, NJ home value: $599,900. Median annual SHREWSBURY, NJ tax bill: $11,289, $8,889 higher than the national median property tax bill of $2,400. How are property taxes in Monmouth calculated? Property taxes in SHREWSBURY, 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 SHREWSBURY’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in SHREWSBURY, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Shrewsbury, Monmouth County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.92%

Estimate Property Tax Bill

$11,518

$10,688

Ownwell’s Shrewsbury Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Shrewsbury with just two data points. By entering your property's estimated assessed value, our calculator applies Shrewsbury’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 Shrewsbury, Monmouth County, New Jersey

Local government entities determine tax rates, which can differ significantly within a state. This variability occurs because each county annually estimates its budget needs for services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is essentially the annual process.

In Shrewsbury, located in Monmouth County, NJ, property tax rates reflect this standard procedure. Shrewsbury's effective property tax rate offers a glimpse into how it compares with other cities in New Jersey and the broader U.S. context. Notably, Shrewsbury's tax rate stands at 1.92%, which is significantly higher than the national median property tax rate of 1.02%. This places Shrewsbury among areas with the highest property tax rates.

Such figures highlight the importance of understanding property tax dynamics, especially in regions like New Jersey, where rates can impact homeowners significantly. By considering these rates, property owners can make informed decisions and potentially explore opportunities for appeals or exemptions to manage their tax liabilities effectively.

Property Tax Rates Across Shrewsbury, 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 Shrewsbury Tax Rate

1.92%

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 Shrewsbury, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07702	1.74%	1.81%	1.92%	1.99%	2.02%

Source: Ownwell

Property Tax Assessment Values Across Shrewsbury, Monmouth County, New Jersey

When examining property taxes in Shrewsbury, 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 assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

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 Shrewsbury. For example, the median home price in Shrewsbury is $599,900, with tax bills ranging significantly across the county. Zip code 07702 has the highest median home price at $599,900.

Property Tax Assessment Values Across Shrewsbury, Monmouth County, New Jersey

Source: Ownwell

$230,800

$1,235,100

$2,239,400

Median Shrewsbury Market Value

$599,900

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 Shrewsbury, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07702	$402,550	$500,125	$599,900	$760,350	$922,450

Source: Ownwell

Property Tax Bills Across Shrewsbury, Monmouth County, New Jersey

In Shrewsbury, NJ, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $599,900, homeowners are subject to property taxes that significantly exceed the national median. In Monmouth County, where Shrewsbury is located, the median property tax bill is $11,289, which is more than four times the national median of $2,400. Factors such as the assessed value of the property and the local tax rate contribute to the final tax bill. For homeowners, this financial burden can be substantial, especially when compared to the national median property tax rate of 1.02%. Ownwell offers valuable assistance by providing property tax appeal and exemption services, potentially reducing the financial strain on homeowners. By analyzing individual property assessments and identifying discrepancies or opportunities for exemptions, Ownwell helps ensure that homeowners are not overpaying on their property taxes, thus offering significant savings and peace of mind.

Property Tax Bills Across Shrewsbury, Monmouth County, New Jersey

Source: Ownwell

$5,432

$12,230

$19,028

Median Shrewsbury Tax Bill

$11,289

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 Shrewsbury, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07702	$7,202	$9,139	$11,289	$14,627	$18,014

Source: Ownwell