Lumberton, New Jersey Property Taxes
The median property tax rate in Lumberton, NJ is 2.45%, 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 Lumberton at $283,200, the typical annual property tax bill reaches $6,946, far exceeding the national median of $2,690. Property taxes in Lumberton 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 Lumberton'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 Lumberton or another part of Burlington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lumberton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$6,938
Ownwell’s Lumberton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lumberton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lumberton 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 Lumberton, New Jersey
Property taxes in Lumberton, 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 Lumberton is 2.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lumberton set these rates annually, and they can vary across different neighborhoods. Each year, Lumberton 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 Lumberton's effective property tax rate to other areas in Burlington County and the national median. For comparison, the zip code 08048 in Lumberton has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these figures compare with Lumberton provides valuable insights into the varying tax landscape across Burlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lumberton Tax Rate
2.45%
Average Burlington County Tax Rate
3.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lumberton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08048 | 2.44% | 2.44% | 2.44% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Lumberton, New Jersey
In Lumberton, 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 Burlington 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 Lumberton, 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 Lumberton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $283,200, with tax bills ranging from $4,643 at the 25th percentile to $11,980 at the 90th percentile. The zip code 08048 has both the highest and lowest median tax bill at $6,946.
Average Lumberton Assessed Value
$283,200
Average Burlington County Assessed Value
$210,600
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lumberton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08048 | $147,100 | $189,900 | $283,200 | $390,500 | $490,000 |
Source: Ownwell
Property Tax Bills Across Lumberton, New Jersey
In Lumberton, 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 Burlington County tax assessor and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For homeowners in Lumberton, the median home price is $283,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $4,643 and the 75th percentile reaching $9,554. The 90th percentile tax bill is as high as $11,980, indicating a broad range of property tax obligations within the community. Compared to the national median property tax rate of 0.99%, Lumberton's rates can be quite impactful on homeowners, affecting their overall financial planning and budgeting.
Average Lumberton Tax Bill
$6,946
Average Burlington County Tax Bill
$6,846
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lumberton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08048 | $3,614 | $4,643 | $6,946 | $9,554 | $11,980 |
Source: Ownwell