Ocean Gate, Ocean County, New Jersey Property Taxes
Median Ocean Gate, NJ effective property tax rate: 2.78%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Ocean Gate, NJ home value: $183,100
Median annual Ocean Gate, NJ tax bill: $4,831, $2,431 higher than the national median property tax bill of $2,400.
How are property taxes in Ocean calculated?
Property taxes in Ocean Gate, 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 Gate’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Ocean Gate, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Ocean Gate, Ocean County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.78%
Estimate Property Tax Bill
$5,090
$4,724
Property Tax Rates Across Ocean Gate, Ocean County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Annually, 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. Below, you can compare Ocean Gate’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S.
Ocean Gate, located in Ocean County, New Jersey, has a median property tax rate of 2.78%. This rate is significantly higher than the national median property tax rate of 1.02%. With New Jersey known for having one of the highest property tax rates in the nation, Ocean Gate exemplifies this trend. Homeowners in Ocean Gate can expect to pay more in property taxes compared to the national average, reflecting the state's robust public service offerings and local government budgets. Understanding these rates can help homeowners make informed decisions about property ownership and tax appeal opportunities.
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 Gate Tax Rate
2.78%
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 County Tax Rate
2.26%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Ocean Gate, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08740 | 2.28% | 2.66% | 2.78% | 2.78% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Ocean Gate, Ocean County, New Jersey
When examining property taxes in Ocean Gate, 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 Ocean 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.
In Ocean 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 Ocean Gate. For example, the median home price in Ocean Gate is $183,100, with tax bills ranging significantly across the county. The zip code 08740 has the highest median home price at $183,100.
Property Tax Assessment Values Across Ocean Gate, Ocean County, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Median Ocean Gate Market Value
$183,100
Median Ocean County Market Value
$281,800
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Ocean Gate, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08740 | $128,040 | $148,950 | $183,100 | $237,000 | $321,260 |
Source: Ownwell
Property Tax Bills Across Ocean Gate, Ocean County, New Jersey
Median Ocean Gate Tax Bill
$4,831
Median Ocean County Tax Bill
$5,983
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Ocean Gate, Ocean County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08740 | $3,343 | $3,939 | $4,831 | $6,343 | $8,597 |
Source: Ownwell