Lambertville, New Jersey Property Taxes
The median property tax rate in Lambertville, NJ is 2.99%, 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 Lambertville at $487,300, the typical annual property tax bill reaches $14,585, exceeding the national median of $2,690. Property taxes in Lambertville 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 Lambertville'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 Lambertville 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
Lambertville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$14,570
Ownwell’s Lambertville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lambertville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lambertville 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 Mercer County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lambertville, New Jersey
Property taxes in Lambertville, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lambertville is 2.99%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lambertville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lambertville 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 Lambertville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08530 has the highest median property tax rate of 2.99%, while the same zip code also has the lowest median tax rate of 2.99%. Understanding how these cities compare with Lambertville provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lambertville Tax Rate
2.99%
Average Mercer County Tax Rate
3.25%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lambertville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08530 | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Lambertville, New Jersey
In Lambertville, 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 Mercer 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 Lambertville, 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. Being aware of these valuation processes in Lambertville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08530 has the highest and lowest median tax bill, both at $14,585.
Property Tax Assessment Values Across Lambertville, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Lambertville Assessed Value
$487,300
Average Mercer County Assessed Value
$216,500
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lambertville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08530 | $316,740 | $388,900 | $487,300 | $655,000 | $963,660 |
Source: Ownwell
Property Tax Bills Across Lambertville, New Jersey
In Lambertville, 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 municipal tax assessor and is meant to reflect the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence this calculation, including property size, location, and any improvements or renovations made to the home. For homeowners in Lambertville, the median home price is $487,300, leading to substantial property tax bills. At the 25th percentile, homeowners can expect to pay around $11,640 annually, while those at the 75th percentile face bills of approximately $19,604. The highest median tax bill in the area is $14,585, which is significantly higher than the national median property tax rate of 0.99%. These property tax rates can significantly impact homeowners, influencing decisions on buying, selling, or renovating properties. High property taxes may deter potential buyers or place a financial burden on current homeowners.
Average Lambertville Tax Bill
$14,585
Average Mercer County Tax Bill
$7,200
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lambertville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08530 | $9,480 | $11,640 | $14,585 | $19,604 | $28,842 |
Source: Ownwell