Lyndhurst, New Jersey Property Taxes
The median property tax rate in Lyndhurst, NJ is 3.17%, 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 Lyndhurst at $292,500, the typical annual property tax bill reaches $9,275, far exceeding the national median of $2,690. Property taxes in Lyndhurst 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 Lyndhurst'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 Lyndhurst 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
Lyndhurst, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.17%
Estimate Property Tax Bill
$9,272
Ownwell’s Lyndhurst Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyndhurst with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyndhurst 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 Lyndhurst, New Jersey
Property taxes in Lyndhurst, 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 Lyndhurst is 3.17%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lyndhurst set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyndhurst 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 Lyndhurst's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07071 has the highest median property tax rate of 3.17%, while the same zip code also has the lowest median tax rate of 3.17%. Understanding how these cities compare with Lyndhurst 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 Lyndhurst Tax Rate
3.17%
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 Lyndhurst, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07071 | 3.17% | 3.17% | 3.17% | 3.17% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Lyndhurst, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lyndhurst, NJ. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Bergen 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 Lyndhurst, 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. The median home price in Lyndhurst is $292,500, with tax bills ranging from $8,238 at the 25th percentile to $13,338 at the 90th percentile. Notably, the zip code 07071 has both the highest and lowest median tax bill at $9,275. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Lyndhurst, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average Lyndhurst Assessed Value
$292,500
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 Lyndhurst, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07071 | $234,260 | $259,800 | $292,500 | $346,600 | $420,760 |
Source: Ownwell
Property Tax Bills Across Lyndhurst, New Jersey
In Lyndhurst, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is then multiplied by the municipality's tax rate to generate the annual tax bill. Factors such as the property's market value, location, and any improvements or renovations can influence the assessed value. For homeowners in Lyndhurst, the median home price stands at $292,500. Property taxes in this region are notably high compared to the national median property tax rate of 0.99%. In Lyndhurst, the tax bill can vary significantly, with the 25th percentile at $8,238 and the 75th percentile reaching $10,988. At the 90th percentile, homeowners could see tax bills as high as $13,338. This substantial range highlights the impact of property value assessments and local tax rates on homeowners' financial responsibilities. With the median tax bill in zip code 07071 at $9,275, residents face a considerable property tax burden, underscoring the importance of understanding how these taxes are calculated.
Average Lyndhurst Tax Bill
$9,275
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 Lyndhurst, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07071 | $7,424 | $8,238 | $9,275 | $10,988 | $13,338 |
Source: Ownwell