Hopatcong, New Jersey Property Taxes
The median property tax rate in Hopatcong, NJ is 3.43%, 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 Hopatcong at $195,000, the typical annual property tax bill reaches $6,685, far exceeding the national median of $2,690. Property taxes in Hopatcong 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 Hopatcong'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 Hopatcong 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
Hopatcong, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.43%
Estimate Property Tax Bill
$6,689
Ownwell’s Hopatcong Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopatcong with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopatcong 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 Hopatcong, New Jersey
Property taxes in Hopatcong, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopatcong is 3.43%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hopatcong set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopatcong 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 Hopatcong's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07843 zip code has the highest median property tax rate of 3.43%, while the same 07843 zip code also has the lowest median tax rate of 3.43%. Understanding how these cities compare with Hopatcong provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopatcong Tax Rate
3.43%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07843 | 3.43% | 3.43% | 3.43% | 3.43% | 3.43% |
Source: Ownwell
Property Tax Assessment Values Across Hopatcong, New Jersey
In Hopatcong, 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 Sussex 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 Hopatcong, 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. For instance, homeowners in the 07843 zip code have a median tax bill of $6,685. 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 Hopatcong helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hopatcong Assessed Value
$195,000
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07843 | $114,400 | $143,300 | $195,000 | $225,000 | $322,740 |
Source: Ownwell
Property Tax Bills Across Hopatcong, New Jersey
In Hopatcong, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the tax rate set by Sussex County. For example, with a median home price of $195,000, homeowners can expect to pay a significant portion of their property’s value in taxes. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. The tax bill can vary widely, with the 25th percentile paying around $4,912, while those in the 75th percentile and 90th percentile face bills of approximately $7,708 and $11,051, respectively. The highest median tax bill recorded in the area is $6,685, which is consistent across different zip codes. Compared to the national median property tax rate of 0.99%, Hopatcong’s rates may feel burdensome for some homeowners, impacting their budget and financial planning.
Average Hopatcong Tax Bill
$6,685
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07843 | $3,924 | $4,912 | $6,685 | $7,708 | $11,051 |
Source: Ownwell