Lafayette, New Jersey Property Taxes
The median property tax rate in Lafayette, NJ is 2.84%, 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 Lafayette, the typical annual property tax bill reaches $8,291, exceeding the national median of $2,690. Property taxes in Lafayette 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 Lafayette'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 Lafayette 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
Lafayette, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$7,966
Ownwell’s Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette, New Jersey
Property taxes in Lafayette, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 2.84%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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. Understanding how Lafayette's effective property tax rate compares to other areas in Sussex County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
2.84%
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 Lafayette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07848 | 2.84% | 2.84% | 2.84% | 3.89% | 3.89% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, New Jersey
In Lafayette, 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 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. In Lafayette, 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. Lafayette's median home price is $280,500, and the tax bills range significantly, with the 25th percentile at $5,673 and the 75th percentile at $11,742. The highest and lowest median tax bills both stand at $8,291, specifically in the 07848 zip code. 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 Lafayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lafayette Assessed Value
$280,500
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 Lafayette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07848 | $112,580 | $179,400 | $280,500 | $370,050 | $439,440 |
Source: Ownwell
Property Tax Bills Across Lafayette, New Jersey
In Lafayette, Sussex County, 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 and then apply an assessment ratio. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. Lafayette's property tax rates are notably higher than the national median property tax rate of 0.99%. For instance, the median home price in Lafayette stands at $280,500, resulting in substantial tax bills. Homeowners in Lafayette experience a wide range of tax bills, from the 25th percentile at $5,673 to the 75th percentile at $11,742, with the 90th percentile reaching $14,559. The highest and lowest median tax bills in the area are both $8,291, found in the 07848 zip code. These tax bills significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Lafayette Tax Bill
$8,291
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 Lafayette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07848 | $4,254 | $5,673 | $8,291 | $11,742 | $14,559 |
Source: Ownwell