Lake Hopatcong, New Jersey Property Taxes
The median property tax rate in Lake Hopatcong, NJ is 3.43%, significantly 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, the typical annual property tax bill reaches $7,366, 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
3.43%
Estimate Property Tax Bill
$7,366
Ownwell’s Lake Hopatcong Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Hopatcong with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Hopatcong 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 Lake Hopatcong, New Jersey
Property taxes in Lake Hopatcong, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Hopatcong is 3.43%, 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 3.43%, while the same zip code also has the lowest median tax rate of 3.43%. Understanding how these cities compare with Lake Hopatcong 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 Lake Hopatcong Tax Rate
3.43%
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 Lake Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | 3.43% | 3.43% | 3.43% | 3.43% | 3.43% |
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 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 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 median home price in the area is $214,750, with the 25th percentile tax bill at $5,094 and the 75th percentile tax bill at $10,881. The highest and lowest median tax bills, both at $7,366, are found in the 07849 zip code.
Property Tax Assessment Values Across Lake Hopatcong, New Jersey
Source: Ownwell
$63,850
$216,550
$369,250
Average Lake Hopatcong Assessed Value
$214,750
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 Lake Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | $101,740 | $148,525 | $214,750 | $317,225 | $410,010 |
Source: Ownwell
Property Tax Bills Across Lake Hopatcong, New Jersey
In Lake Hopatcong, 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 the local tax assessor and is intended to reflect the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Lake Hopatcong, the median home price is $214,750, with property tax bills ranging significantly. At the 25th percentile, homeowners might pay around $5,094, while those at the 75th percentile could see bills as high as $10,881. The top 10% of tax bills in the area can reach up to $14,063. Comparatively, Lake Hopatcong’s property tax rates are considerably higher than the national median property tax rate of 0.99%. This can have a substantial impact on homeowners, making it essential for them to understand the factors influencing their tax bills and seek potential exemptions or appeals to manage their expenses effectively.
Average Lake Hopatcong Tax Bill
$7,366
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 Lake Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | $3,490 | $5,094 | $7,366 | $10,881 | $14,063 |
Source: Ownwell