Lake Hiawatha, New Jersey Property Taxes
The median property tax rate in Lake Hiawatha, NJ is 3.16%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $215,900 in Lake Hiawatha, the typical annual property tax bill reaches $6,655, far exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lake Hiawatha's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lake Hiawatha or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Hiawatha, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.16%
Estimate Property Tax Bill
$6,822
Ownwell’s Lake Hiawatha Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Hiawatha with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Hiawatha to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Morris County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Hiawatha, New Jersey
Property taxes in Lake Hiawatha, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Hiawatha is 3.16%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lake Hiawatha set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Hiawatha 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 Lake Hiawatha's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07034 zip code has the highest median property tax rate of 3.16%, while the 07034 zip code also has the lowest median tax rate of 3.16%. Understanding how these areas compare with Lake Hiawatha 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 Lake Hiawatha Tax Rate
3.16%
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 Lake Hiawatha, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07034 | 2.94% | 3.06% | 3.16% | 3.16% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Lake Hiawatha, New Jersey
In Lake Hiawatha, 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 Lake Hiawatha, 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 Lake Hiawatha helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07034 has the highest median tax bill at $6,655, which is above the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Lake Hiawatha, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Lake Hiawatha Assessed Value
$215,900
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 Lake Hiawatha, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07034 | $112,320 | $181,300 | $215,900 | $252,700 | $316,780 |
Source: Ownwell
Property Tax Bills Across Lake Hiawatha, New Jersey
In Lake Hiawatha, 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 Morris County tax assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors considered in the assessment include the size of the property, its location, and any improvements or renovations made. Homeowners in Lake Hiawatha can expect varying tax bills. For instance, the 25th percentile tax bill is around $5,553, while the 75th percentile reaches $7,879. The 90th percentile tax bill can go as high as $9,941. These figures reflect the substantial impact property taxes can have on homeowners' finances. The median property tax bill in the area stands at $6,655, significantly higher than the national median property tax rate of 0.99%. This high tax rate underscores the importance of understanding local property tax dynamics for Lake Hiawatha residents.
Average Lake Hiawatha Tax Bill
$6,655
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 Lake Hiawatha, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07034 | $3,471 | $5,553 | $6,655 | $7,879 | $9,941 |
Source: Ownwell