Medford Lakes, Burlington County, New Jersey Property Taxes
Median Medford Lakes, NJ effective property tax rate: 3.52%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Medford Lakes, NJ home value: $237,600
Median annual Medford Lakes, NJ tax bill: $8,356, $5,956 higher than the national median property tax bill of $2,400.
How are property taxes in Burlington calculated?
Property taxes in Medford Lakes, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Medford Lakes’ property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Medford Lakes, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Medford Lakes, Burlington County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.52%
Estimate Property Tax Bill
$8,364
$7,761
Property Tax Rates Across Medford Lakes, Burlington County, New Jersey
Property Tax Rates Across Medford Lakes, Burlington County, New Jersey
Source: Ownwell
1.28%
2.71%
4.13%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Medford Lakes Tax Rate
3.52%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Burlington County Tax Rate
3.07%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Medford Lakes, Burlington County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08055 | 3.52% | 3.52% | 3.52% | 3.52% | 3.52% |
Source: Ownwell
Property Tax Assessment Values Across Medford Lakes, Burlington County, New Jersey
When examining property taxes in Medford Lakes, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Burlington County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Burlington County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Medford Lakes. For example, the median home price in Medford Lakes is $237,600, with tax bills ranging significantly across the county. Zip code 08055 has the highest median home price at $237,600.
Property Tax Assessment Values Across Medford Lakes, Burlington County, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Median Medford Lakes Market Value
$237,600
Median Burlington County Market Value
$210,600
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Medford Lakes, Burlington County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08055 | $210,600 | $220,850 | $237,600 | $339,350 | $350,000 |
Source: Ownwell
Property Tax Bills Across Medford Lakes, Burlington County, New Jersey
In Medford Lakes, NJ, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. With a median home price of $237,600, homeowners in Medford Lakes face property tax bills significantly higher than the national median of $2,400. The median tax bill here is $8,356, indicating a substantial financial commitment for homeowners. Several factors influence these tax bills, including local government budgets and public service funding needs. Higher property taxes can impact homeowners by increasing the cost of homeownership and potentially affecting housing affordability.
Ownwell offers a solution by providing property tax appeal and exemption services, helping homeowners reduce their tax burden. By analyzing property assessments and identifying discrepancies, Ownwell can assist in filing appeals, potentially lowering tax bills. This service not only helps homeowners save money but also ensures they are paying a fair amount relative to their property's assessed value.
Property Tax Bills Across Medford Lakes, Burlington County, New Jersey
Source: Ownwell
$2,983
$7,892
$12,800
Median Medford Lakes Tax Bill
$8,356
Median Burlington County Tax Bill
$6,846
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Medford Lakes, Burlington County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08055 | $7,407 | $7,767 | $8,356 | $11,935 | $12,310 |
Source: Ownwell