Lake Hopatcong, New Jersey Property Taxes
The median property tax rate in Lake Hopatcong, NJ is 2.79%, 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 Lake Hopatcong at $292,100, the typical annual property tax bill reaches $7,946, far exceeding the national median of $2,690. Property taxes in Lake 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 Lake 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 Lake 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
Lake Hopatcong, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.79%
Estimate Property Tax Bill
$8,150
Ownwell’s Lake Hopatcong Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Lake Hopatcong with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lake Hopatcong to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Morris County for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Lake Hopatcong, New Jersey
Property taxes in Lake Hopatcong, 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 Lake Hopatcong is 2.79%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lake Hopatcong set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake 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 Lake Hopatcong's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07849 zip code has the highest median property tax rate of 2.79%, while the 07849 zip code also has the lowest median tax rate of 2.79%. Understanding how these cities compare with Lake Hopatcong 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 Lake Hopatcong Tax Rate
2.79%
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 Lake Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | 2.60% | 2.79% | 2.79% | 2.79% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Lake Hopatcong, New Jersey
In Lake 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 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 Lake 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. 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 Lake Hopatcong helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07849 has both the highest and lowest median tax bill, which is $7,946.
Property Tax Assessment Values Across Lake Hopatcong, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Lake Hopatcong Assessed Value
$292,100
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 Lake Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | $168,750 | $218,700 | $292,100 | $427,550 | $527,300 |
Source: Ownwell
Property Tax Bills Across Lake Hopatcong, New Jersey
In Lake Hopatcong, NJ, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, reflecting the home's worth based on current real estate conditions. Local tax authorities then apply the tax rate to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, while the local tax rate is set by municipal budgets and school district funding requirements. For example, in Morris County, where Lake Hopatcong is located, the median home price is $292,100. Homeowners in the area can expect a median property tax bill of $7,946, which is significantly higher than the national median rate of 0.99%. These tax bills can range from $5,951 at the 25th percentile to $14,548 at the 90th percentile, impacting homeowners' financial planning and the affordability of homeownership in the region.
Average Lake Hopatcong Tax Bill
$7,946
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 Lake Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | $4,591 | $5,951 | $7,946 | $11,821 | $14,548 |
Source: Ownwell