Lebanon, New Jersey Property Taxes
The median property tax rate in Lebanon, NJ is 2.53%, 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 Lebanon at $429,550, the typical annual property tax bill reaches $11,129, exceeding the national median of $2,690. Property taxes in Lebanon 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 Lebanon'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 Lebanon or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lebanon, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$10,868
Ownwell’s Lebanon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon 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 Lebanon, New Jersey
Property taxes in Lebanon, NJ, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 2.53%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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 Lebanon's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08833 zip code has both the highest and lowest median property tax rate of 2.53%. Understanding how these cities compare with Lebanon provides valuable insights into the varying tax landscape across Hunterdon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
2.53%
Average Hunterdon County Tax Rate
2.66%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08833 | 2.27% | 2.27% | 2.53% | 2.81% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, New Jersey
In Lebanon, 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 Hunterdon 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. In Lebanon, 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. For instance, Lebanon's highest median tax bill is $11,129 in the 08833 zip code, which is also the lowest. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lebanon Assessed Value
$429,550
Average Hunterdon County Assessed Value
$364,050
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08833 | $255,100 | $317,500 | $429,550 | $603,100 | $826,350 |
Source: Ownwell
Property Tax Bills Across Lebanon, New Jersey
In Lebanon, Hunterdon County, NJ, property tax bills are determined by several key factors. The primary factor is the assessed value of a property, which is calculated based on its market value. Lebanon's median home price stands at $429,550. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Homeowners in Lebanon experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $8,486, while those at the 75th percentile pay around $15,228. At the 90th percentile, tax bills can soar to $20,079. Notably, the highest median tax bill in Lebanon is $11,129, which is significantly higher than the national median property tax rate of 0.99%. These substantial tax bills can have a considerable impact on homeowners, contributing to the overall cost of owning property in Lebanon. Understanding these factors is crucial for homeowners to manage their finances effectively and plan for future expenses.
Average Lebanon Tax Bill
$11,129
Average Hunterdon County Tax Bill
$10,015
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08833 | $6,709 | $8,486 | $11,129 | $15,228 | $20,079 |
Source: Ownwell