Lawrence Township, New Jersey Property Taxes
The median property tax rate in Lawrence Township, NJ is 2.98%, 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 Lawrence Township, the typical annual property tax bill reaches $7,029, exceeding the national median of $2,690. Property taxes in Lawrence Township 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 Lawrence Township'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 Lawrence Township 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
Lawrence Township, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$7,027
Ownwell’s Lawrence Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrence Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrence Township 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 Lawrence Township, New Jersey
Property taxes in Lawrence Township, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrence Township is 2.98%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lawrence Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrence Township 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 Lawrence Township's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08648 zip code has the highest median property tax rate of 2.98%, while the 08648 zip code also has the lowest median tax rate of 2.98%. Understanding how these areas compare with Lawrence Township 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 Lawrence Township Tax Rate
2.98%
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 Lawrence Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08648 | 2.98% | 2.98% | 2.98% | 2.98% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Lawrence Township, New Jersey
In Lawrence Township, 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 Assessor's Office 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 Lawrence Township, 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 Lawrence Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $235,800, with the highest and lowest median tax bill both at $7,029 in zip code 08648.
Property Tax Assessment Values Across Lawrence Township, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Lawrence Township Assessed Value
$235,800
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 Lawrence Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08648 | $142,130 | $174,200 | $235,800 | $329,375 | $442,300 |
Source: Ownwell
Property Tax Bills Across Lawrence Township, New Jersey
In Lawrence Township, Mercer County, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is periodically evaluated by local assessors. Homeowners in Lawrence Township face a median property tax bill of $7,029, significantly higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the home's assessed value, the local tax rate, and any applicable exemptions or deductions. The tax bill can vary widely among homeowners. For instance, at the 25th percentile, the tax bill is $5,193, while at the 75th percentile, it rises to $9,821. Those in the 90th percentile can expect to pay around $13,173. These variations impact homeowners differently, potentially affecting affordability and long-term financial planning. High property taxes can also influence decisions about homeownership and property investments within the township.
Average Lawrence Township Tax Bill
$7,029
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 Lawrence Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08648 | $4,269 | $5,193 | $7,029 | $9,821 | $13,173 |
Source: Ownwell