Lincoln Park, New Jersey Property Taxes
The median property tax rate in Lincoln Park, NJ is 2.88%, 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 Lincoln Park, the typical annual property tax bill reaches $8,815, exceeding the national median of $2,690. Property taxes in Lincoln Park 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 Lincoln Park'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 Lincoln Park 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
Lincoln Park, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$9,026
Ownwell’s Lincoln Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln Park 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 Lincoln Park, New Jersey
Property taxes in Lincoln Park, 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 Lincoln Park is 2.88%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lincoln Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln Park 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 Lincoln Park's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07035 zip code has both the highest and lowest median property tax rate at 2.88%. Understanding how these areas compare with Lincoln Park 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 Lincoln Park Tax Rate
2.88%
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 Lincoln Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07035 | 2.67% | 2.81% | 2.88% | 2.88% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln Park, New Jersey
In Lincoln Park, 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 Assessor's Office 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 Lincoln Park, 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 Lincoln Park is $313,400, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $7,132, while the 75th percentile reaches $10,373, and the 90th percentile climbs to $12,856. Interestingly, the highest and lowest median tax bills are both $8,815 in the 07035 zip code. 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 the tax burden.
Property Tax Assessment Values Across Lincoln Park, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Lincoln Park Assessed Value
$313,400
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 Lincoln Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07035 | $220,060 | $253,300 | $313,400 | $367,600 | $456,860 |
Source: Ownwell
Property Tax Bills Across Lincoln Park, New Jersey
In Lincoln Park, 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 local tax assessors who evaluate the property's market value. Once the market value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Lincoln Park, the median home price stands at $313,400. Property tax bills vary significantly across different percentiles. For instance, the 25th percentile tax bill is $7,132, while the 75th percentile reaches $10,373, and the 90th percentile climbs to $12,856. These figures indicate that property tax bills in Lincoln Park can range widely, impacting homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Lincoln Park's tax bills are notably higher, reflecting the region's property values and local tax policies. Homeowners need to be aware of these factors as they significantly influence their annual financial obligations.
Average Lincoln Park Tax Bill
$8,815
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 Lincoln Park, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07035 | $6,176 | $7,132 | $8,815 | $10,373 | $12,856 |
Source: Ownwell