Lanoka Harbor, New Jersey Property Taxes
The median property tax rate in Lanoka Harbor, NJ is 2.26%, 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 Lanoka Harbor, the typical annual property tax bill reaches $6,004, exceeding the national median of $2,690. Property taxes in Lanoka Harbor 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 Lanoka Harbor'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 Lanoka Harbor 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
Lanoka Harbor, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$6,156
Ownwell’s LANOKA HARBOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LANOKA HARBOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LANOKA HARBOR 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 Lanoka Harbor, New Jersey
Property taxes in Lanoka Harbor, New Jersey, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanoka Harbor is 2.26%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lanoka Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanoka Harbor 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 Lanoka Harbor's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08734 has both the highest and lowest median property tax rate in the area, at 2.26%. Understanding how these cities compare with Lanoka Harbor provides valuable insights into the varying tax landscape across Ocean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lanoka Harbor Tax Rate
2.26%
Average Ocean County Tax Rate
2.26%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanoka Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08734 | 2.06% | 2.23% | 2.26% | 2.26% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Lanoka Harbor, New Jersey
In Lanoka Harbor, 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 Ocean 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 Lanoka Harbor, 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 Lanoka Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lanoka Harbor is $272,400, with tax bills ranging from $4,677 at the 25th percentile to $10,701 at the 90th percentile. The zip code 08734 has both the highest and lowest median tax bill, which stands at $6,004.
Property Tax Assessment Values Across Lanoka Harbor, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Lanoka Harbor Assessed Value
$272,400
Average Ocean County Assessed Value
$281,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lanoka Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08734 | $177,230 | $212,300 | $272,400 | $371,950 | $476,230 |
Source: Ownwell
Property Tax Bills Across Lanoka Harbor, New Jersey
In Lanoka Harbor, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Ocean County, the median home price is $272,400, and the tax rates are reflective of the region's needs and budget requirements. Several factors influence the tax bill, including the property's assessed value, local government budgets, and specific tax rates. Homeowners in Lanoka Harbor can expect a wide range of tax bills: the 25th percentile tax bill is approximately $4,677, while the 75th percentile reaches around $8,287. For those at the 90th percentile, the tax bill can be as high as $10,701. These property taxes fund essential services such as schools, public safety, and infrastructure. While the median tax bill in Lanoka Harbor is $6,004, significantly higher than the national median property tax rate of 0.99%, it reflects the area's commitment to maintaining quality public services and community standards.
Average Lanoka Harbor Tax Bill
$6,004
Average Ocean County Tax Bill
$5,983
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lanoka Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08734 | $3,910 | $4,677 | $6,004 | $8,287 | $10,701 |
Source: Ownwell