New Lisbon, New Jersey Property Taxes
The median property tax rate in New Lisbon, NJ is 2.66%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in New Lisbon at $189,700, the typical annual property tax bill reaches $5,050, exceeding the national median of $2,690. Property taxes in New Lisbon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Lisbon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of New Lisbon or another part of Burlington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Lisbon, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$5,046
Ownwell’s New Lisbon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Lisbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Lisbon to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across New Lisbon, New Jersey
Property taxes in New Lisbon, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Lisbon is 2.66%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within New Lisbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Lisbon estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares New Lisbon's effective property tax rate to other areas in Burlington County and the national median. For comparison, the 08064 zip code has the highest median property tax rate of 2.66%, while the same zip code also has the lowest median tax rate of 2.66%. Understanding how these areas compare with New Lisbon provides valuable insights into the varying tax landscape across Burlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Lisbon Tax Rate
2.66%
Average Burlington County Tax Rate
3.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Lisbon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08064 | 2.66% | 2.66% | 2.66% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across New Lisbon, New Jersey
In New Lisbon, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Burlington County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, in New Lisbon, the highest and lowest median tax bills are both $5,050, found in zip code 08064. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Lisbon Assessed Value
$189,700
Average Burlington County Assessed Value
$210,600
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Lisbon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08064 | $143,120 | $166,200 | $189,700 | $220,600 | $269,740 |
Source: Ownwell
Property Tax Bills Across New Lisbon, New Jersey
In New Lisbon, Burlington County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in this area face a median property tax rate that significantly impacts their annual expenses. For instance, the median home price in New Lisbon is $189,700, leading to varying tax bills across different percentiles. At the 25th percentile, homeowners can expect a tax bill of approximately $4,424, while those at the 75th percentile see higher costs around $5,872. The tax bill can soar to about $7,110 at the 90th percentile. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly affecting the community's quality of life. Compared to the national median property tax rate of 0.99%, New Lisbon's rates highlight the importance of understanding local tax obligations for effective financial planning.
Average New Lisbon Tax Bill
$5,050
Average Burlington County Tax Bill
$6,846
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across New Lisbon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08064 | $3,810 | $4,424 | $5,050 | $5,872 | $7,110 |
Source: Ownwell