Lodi, New Jersey Property Taxes
The median property tax rate in Lodi, NJ is 3.26%, 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 Lodi at $312,050, the typical annual property tax bill reaches $10,187, significantly exceeding the national median of $2,690. Property taxes in Lodi 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 Lodi'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 Lodi 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
Lodi, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.26%
Estimate Property Tax Bill
$10,173
Ownwell’s Lodi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lodi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lodi 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 Lodi, New Jersey
Property taxes in Lodi, 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 Lodi is 3.26%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lodi set these rates annually, and they can vary across different neighborhoods. Each year, Lodi 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 Lodi's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07644 has the highest median property tax rate of 3.26%, while the same zip code also has the lowest median tax rate of 3.26%. Understanding how these cities compare with Lodi provides valuable insights into the varying tax landscape across Bergen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lodi Tax Rate
3.26%
Average Bergen County Tax Rate
2.73%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lodi, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07644 | 3.26% | 3.26% | 3.26% | 3.26% | 3.26% |
Source: Ownwell
Property Tax Assessment Values Across Lodi, New Jersey
In Lodi, 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 Bergen County Assessor 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 Lodi, 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 Lodi is $312,050. Notably, zip code 07644 has the highest median tax bill of $10,187, which is also the lowest median tax bill in the area. Being aware of these valuation processes in Lodi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lodi Assessed Value
$312,050
Average Bergen County Assessed Value
$421,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lodi, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07644 | $231,900 | $270,175 | $312,050 | $365,950 | $430,000 |
Source: Ownwell
Property Tax Bills Across Lodi, New Jersey
In Lodi, 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 Bergen County tax assessor and is typically a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Lodi, the median home price is $312,050. Property tax bills can vary significantly, with the 25th percentile at $8,824 and the 75th percentile at $11,946. The 90th percentile sees tax bills as high as $14,035. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in this region. Homeowners in Lodi should be aware of these factors as they directly impact annual expenses. Understanding how property taxes are calculated can help homeowners budget accordingly and explore potential tax appeal opportunities if they believe their property has been over-assessed.
Average Lodi Tax Bill
$10,187
Average Bergen County Tax Bill
$11,253
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lodi, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07644 | $7,569 | $8,824 | $10,187 | $11,946 | $14,035 |
Source: Ownwell