Highland Lakes, New Jersey Property Taxes
The median property tax rate in Highland Lakes, NJ is 2.82%, 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 Highland Lakes at $242,800, the typical annual property tax bill reaches $6,845, far exceeding the national median of $2,690. Property taxes in Highland Lakes 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 Highland Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Highland Lakes or another part of Sussex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Highland Lakes, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$6,847
Ownwell’s Highland Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highland Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highland Lakes 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 Highland Lakes, New Jersey
Property taxes in Highland Lakes, 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 Highland Lakes is 2.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Highland Lakes set these rates annually, and they can vary across different neighborhoods. Each year, Highland Lakes 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 Highland Lakes' effective property tax rate to other areas in Sussex County and the national median. For comparison, the zip code 07422 in Highland Lakes has the highest median property tax rate of 2.82%, which is the same as the lowest median tax rate in the area. Understanding how these figures compare with Highland Lakes provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Highland Lakes Tax Rate
2.82%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highland Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07422 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Highland Lakes, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Highland Lakes, 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 Sussex 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. Assessment notices in Highland Lakes 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 Highland Lakes is $242,800, with tax bills ranging from $5,807 at the 25th percentile to $10,165 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Highland Lakes, New Jersey
Source: Ownwell
$63,850
$216,550
$369,250
Average Highland Lakes Assessed Value
$242,800
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Highland Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07422 | $180,300 | $206,100 | $242,800 | $284,100 | $360,400 |
Source: Ownwell
Property Tax Bills Across Highland Lakes, New Jersey
In Highland Lakes, Sussex County, NJ, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and is meant to reflect the market value of the property. This assessed value is then multiplied by the tax rate to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. The median home price in Highland Lakes is $242,800, and the property tax rate in Sussex County is relatively high compared to the national median property tax rate of 0.99%. Homeowners in Highland Lakes can expect tax bills ranging from $5,807 at the 25th percentile to $10,165 at the 90th percentile, with a median tax bill of $6,845. High property taxes can significantly impact homeowners, affecting their overall housing costs and potentially influencing decisions about buying or selling property in the area.
Average Highland Lakes Tax Bill
$6,845
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Highland Lakes, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07422 | $5,080 | $5,807 | $6,845 | $8,006 | $10,165 |
Source: Ownwell