Medford Lakes, New Jersey Property Taxes
The median property tax rate in Medford Lakes, NJ is 3.52%, 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 Medford Lakes at $237,600, the typical annual property tax bill reaches $8,356, far exceeding the national median of $2,690. Property taxes in Medford Lakes are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medford 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 Medford Lakes 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
Medford Lakes, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.52%
Estimate Property Tax Bill
$8,364
Ownwell’s Medford Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medford Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford 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 Medford Lakes, New Jersey
Property taxes in Medford 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 Medford Lakes is 3.52%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Medford Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford Lakes' effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08055 zip code has the highest median property tax rate of 3.52%, while the same zip code also has the lowest median tax rate of 3.52%. Understanding how these figures compare with Medford Lakes 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 Medford Lakes Tax Rate
3.52%
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 Medford Lakes, 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, New Jersey
In Medford Lakes, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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. Assessment notices in Medford 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. In Medford Lakes, the median home price is $237,600, and the median tax bill is $8,356. Being aware of these valuation processes in Medford Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Medford Lakes, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Average Medford Lakes Assessed Value
$237,600
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 Medford Lakes, 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, New Jersey
In Medford Lakes, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $237,600, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill in Medford Lakes is $7,767, while the 75th percentile tax bill reaches up to $11,935. At the 90th percentile, tax bills can go as high as $12,310. These figures illustrate that property taxes in Medford Lakes can be considerably higher than the national median property tax rate of 0.99%, impacting homeowners' financial planning and budgeting. Understanding these factors is crucial for homeowners as property taxes are a significant and recurring expense. Consequently, the assessed value and local tax rates play a pivotal role in determining the final tax bill, affecting overall affordability and long-term investment in the property.
Average Medford Lakes Tax Bill
$8,356
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 Medford Lakes, 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