Lakewood, New Jersey Property Taxes
The median property tax rate in Lakewood, NJ is 2.28%, 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 Lakewood, the typical annual property tax bill reaches $7,337, exceeding the national median of $2,690. Property taxes in Lakewood 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 Lakewood'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 Lakewood 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
Lakewood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$7,565
Ownwell’s Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood 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 Lakewood, New Jersey
Property taxes in Lakewood, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 2.28%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08701 has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these areas compare with Lakewood provides valuable insights into the varying tax landscape across Ocean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakewood Tax Rate
2.28%
Average Ocean County Tax Rate
2.26%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08701 | 1.87% | 2.28% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lakewood, NJ. 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 Ocean 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 Lakewood, 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 Lakewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 08701, both at $7,337.
Average Lakewood Assessed Value
$331,800
Average Ocean County Assessed Value
$281,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08701 | $77,000 | $166,975 | $331,800 | $484,700 | $621,330 |
Source: Ownwell
Property Tax Bills Across Lakewood, New Jersey
In Lakewood, located in Ocean County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is multiplied by the local tax rate to determine the annual property tax bill. The median home price in Lakewood is $331,800, and the property tax rate is higher than the national median of 0.99%. Homeowners in Lakewood can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $3,603, while at the 75th percentile, they can reach up to $10,874. For those at the 90th percentile, tax bills can soar to $14,069. The highest median tax bill in the area is $7,337, which is notably higher than the national average. These property taxes fund essential services such as public schools, emergency services, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners better prepare for their annual financial obligations.
Average Lakewood Tax Bill
$7,337
Average Ocean County Tax Bill
$5,983
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08701 | $1,638 | $3,603 | $7,337 | $10,874 | $14,069 |
Source: Ownwell