Budd Lake, New Jersey Property Taxes
The median property tax rate in Budd Lake, NJ is 3.36%, 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 Budd Lake, the typical annual property tax bill reaches $8,593, exceeding the national median of $2,690. Property taxes in Budd Lake 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 Budd Lake'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 Budd Lake or another part of Morris County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Budd Lake, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.36%
Estimate Property Tax Bill
$8,733
Ownwell’s Budd Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Budd Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Budd Lake 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 Budd Lake, New Jersey
Property taxes in Budd Lake, 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 Budd Lake is 3.36%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Budd Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Budd Lake 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 Budd Lake's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07828 zip code has the highest median property tax rate of 3.36%, while the 07828 zip code also has the lowest median tax rate of 3.36%. Understanding how these cities compare with Budd Lake provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Budd Lake Tax Rate
3.36%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Budd Lake, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07828 | 3.14% | 3.26% | 3.36% | 3.36% | 3.36% |
Source: Ownwell
Property Tax Assessment Values Across Budd Lake, New Jersey
In Budd Lake, 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 Morris 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 Budd Lake, 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 Budd Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Budd Lake are both $8,593, found in the 07828 zip code, reflecting the uniformity in tax assessments within the area.
Property Tax Assessment Values Across Budd Lake, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Budd Lake Assessed Value
$259,900
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Budd Lake, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07828 | $160,540 | $197,900 | $259,900 | $351,300 | $434,140 |
Source: Ownwell
Property Tax Bills Across Budd Lake, New Jersey
In Budd Lake, located in Morris County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Budd Lake is $259,900. The property tax rate in this region significantly impacts homeowners, with tax bills varying widely. For instance, the 25th percentile tax bill is $6,469, while the 75th percentile tax bill reaches $11,650, and the 90th percentile tax bill is as high as $14,428. These tax bills are influenced by multiple factors, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. With the highest median tax bill recorded at $8,593, Budd Lake's property taxes are notably higher than the national median property tax rate of 0.99%. This elevated tax rate can affect homeowners' financial planning, making it essential to understand how these taxes are calculated and what factors contribute to the final bill.
Average Budd Lake Tax Bill
$8,593
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Budd Lake, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07828 | $5,187 | $6,469 | $8,593 | $11,650 | $14,428 |
Source: Ownwell