Millstone Twp, Monmouth County, New Jersey Property Taxes

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

Median Millstone Twp, NJ effective property tax rate: 2.41%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Millstone Twp, NJ home value: $214,800
Median annual Millstone Twp, NJ tax bill: $5,185, $2,785 higher than the national median property tax bill of $2,400.

How are property taxes in Monmouth calculated?

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

Last Updated March 1, 2025

Millstone Twp, Monmouth County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.44%

Estimate Property Tax Bill

$14,655

$13,599

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

Local government entities in New Jersey set property tax rates, which can differ significantly across the state. Each county, including Monmouth, annually estimates its budget to fund essential services and divides this by the total value of all taxable properties within its area. This calculation determines the property tax rate. Votes and legislation play roles in this process, but this is the core of how tax rates are set each year.

Millstone Township in Monmouth County stands out with its effective property tax rate. When compared to other cities in New Jersey, Millstone Township's rate is notably higher than the national median property tax rate of 1.02%. The state's median property tax rate is 2.41%, which is more than double the national average. Consequently, property owners in Millstone Township often face higher tax bills than those in many other parts of the U.S., where the national median property tax bill is $2,400. Understanding these differences is crucial for property owners considering tax appeals or exemptions.

Property Tax Rates Across Millstone Twp, Monmouth County, New Jersey

Source: Ownwell

0.41%

1.58%

2.75%

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 Millstone Twp Tax Rate

2.44%

Median Effective Monmouth County Tax Rate

1.64%

Median Effective New Jersey Tax Rate

2.88%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Millstone Twp, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07748	1.38%	1.44%	1.58%	1.65%	1.68%
08510	2.46%	2.48%	2.48%	2.49%	2.49%
08535	2.43%	2.48%	2.48%	2.49%	2.49%
08830	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Millstone Twp, Monmouth County, New Jersey

When examining property taxes in Millstone Twp, 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 Millstone Twp. For example, the median home price in Millstone Twp is $214,800, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Millstone Twp, Monmouth County, New Jersey

Source: Ownwell

$306,400

$1,667,525

$3,028,650

Median Millstone Twp Market Value

$600,600

Median Monmouth County Market Value

$565,900

Median New Jersey Market Value

$288,200

Median United States Market Value

$235,294

Property Tax Assessment Values Across Millstone Twp, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07748	$538,100	$580,250	$647,550	$710,675	$835,980
08510	$433,550	$495,050	$539,250	$623,175	$707,470
08535	$317,300	$381,200	$587,700	$685,700	$743,000
08830	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Millstone Twp, Monmouth County, New Jersey

In Millstone Township, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median property tax bill in Monmouth County is significantly higher than the national median, with homeowners often paying around $5,185. This reflects the higher property values and tax rates in the region compared to the national median property tax rate of 1.02% and a median bill of $2,400.

For homeowners, this can mean a substantial financial burden, especially if their property's assessed value is inaccurately high. Ownwell can assist by reviewing the assessed value of your property and identifying potential discrepancies. By filing appeals on your behalf, Ownwell aims to lower your property tax bill, ensuring you only pay your fair share. This service can lead to significant savings, providing peace of mind and financial relief to homeowners in Millstone Township.

Property Tax Bills Across Millstone Twp, Monmouth County, New Jersey

Source: Ownwell

$5,580

$12,512

$19,444

Median Millstone Twp Tax Bill

$12,098

Median Monmouth County Tax Bill

$9,498

Median New Jersey Tax Bill

$8,638

Median United States Tax Bill

$2,400

Property Tax Bills Across Millstone Twp, Monmouth County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07748	$7,830	$8,715	$9,899	$11,266	$12,927
08510	$10,774	$12,302	$13,400	$15,342	$17,480
08535	$7,885	$9,473	$14,604	$17,040	$18,464
08830	N/A	N/A	N/A	N/A	N/A

Source: Ownwell