Each year in Monmouth County, the value of real property (residential homes, commercial property, vacant land, etc.) is reassessed in most municipalities to ensure that assessed values are as close as possible to actual market values. This process allows for a fairer and accurate distribution of the overall tax levy, which covers costs associated with operating the county, the municipality, and the school districts.
If you own real property in Monmouth County, you should have received a postcard in the mail entitled “Notice of Property Tax Assessment for 2023.” This postcard lists your municipality, your property location and your 2023 property assessment, along with your 2022 property assessment and property taxes billed for 2022.
If your assessment increased between 2022 and 2023, this DOES NOT mean that your property taxes will increase proportionately, nor does it mean your property taxes will increase by the difference between your 2022 and 2023 assessments. Even when assessed values increase, some property taxes may not increase at all, or may increase by modest amounts, depending on several variables. Much depends on things like your municipality’s budget, and/or the budget of your local school district, just to name a few variables that influence property taxes. (The postcard DOES NOT include your 2023 property taxes because budgets for the county, municipalities and school districts will not be adopted formally until later in 2023.)
For an estimate of future taxes please follow the link below
We invite you to use this tool to estimate your property taxes for 2023 and to better understand the impact of any assessment change on your property taxes. In that regard, we created this tool – and the additional information included in our FAQ section about annual assessments – to help property taxpayers make informed decisions. We hope you find the tool useful.