Mountain Lakes, New Jersey Property Taxes
The median property tax rate in Mountain Lakes, NJ is 2.71%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With a median home value of $733,000 in Mountain Lakes, the typical annual property tax bill reaches $19,822, far exceeding the national median of $2,690. Property taxes in Mountain Lakes are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mountain Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mountain Lakes 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
Mountain Lakes, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$19,864
Ownwell’s Mountain Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mountain Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mountain Lakes 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 Mountain Lakes, New Jersey
Property taxes in Mountain Lakes, 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 Mountain Lakes is 2.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mountain Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountain Lakes 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 Mountain Lakes' effective property tax rate to other areas and the national median. For comparison, the zip code 07046 has the highest and lowest median property tax rate of 2.71%. Understanding how these areas compare with Mountain Lakes 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 Mountain Lakes Tax Rate
2.71%
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 Mountain Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07046 | 2.65% | 2.69% | 2.71% | 2.71% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Mountain Lakes, New Jersey
In Mountain Lakes, 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 Mountain Lakes, 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. The median home price in Mountain Lakes is $733,000, with tax bills ranging from $15,465 at the 25th percentile to $34,033 at the 90th percentile. The highest and lowest median tax bills are both $19,822 in the 07046 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mountain Lakes, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Mountain Lakes Assessed Value
$733,000
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 Mountain Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07046 | $462,920 | $574,750 | $733,000 | $966,000 | $1,276,120 |
Source: Ownwell
Property Tax Bills Across Mountain Lakes, New Jersey
In Mountain Lakes, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $733,000, which significantly impacts the tax bills. For instance, homeowners in the 25th percentile pay around $15,465, while those in the 75th percentile face tax bills of approximately $26,087. At the higher end, the 90th percentile tax bills can reach up to $34,033. The tax bill is determined by multiplying the assessed value of the property by the local tax rate set by Morris County. This rate is influenced by various factors, including local government budgets, school funding, and public services. These property taxes can be a substantial financial consideration for homeowners, especially compared to the national median property tax rate of 0.99%. In Mountain Lakes, the highest median tax bill recorded stands at $19,822, reflecting the premium cost of living in this desirable area.
Average Mountain Lakes Tax Bill
$19,822
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 Mountain Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07046 | $12,334 | $15,465 | $19,822 | $26,087 | $34,033 |
Source: Ownwell