Mount Laurel, New Jersey Property Taxes
The median property tax rate in Mount Laurel, NJ is 3.03%, 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 Mount Laurel, the typical annual property tax bill reaches $6,238, exceeding the national median of $2,690. Property taxes in Mount Laurel 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 Mount Laurel'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 Mount Laurel 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
Mount Laurel, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.03%
Estimate Property Tax Bill
$6,233
$5,784
Ownwell’s Mount Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Laurel 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 Mount Laurel, New Jersey
Property taxes in Mount Laurel, New Jersey, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Laurel is 3.03%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mount Laurel set these rates annually, and they can vary across different neighborhoods. Each year, Mount Laurel 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 Mount Laurel's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08054 has the highest median property tax rate of 3.03%, while the lowest median tax rate in the area is also 3.03%. Understanding how these cities compare with Mount Laurel 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 Mount Laurel Tax Rate
3.03%
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 Mount Laurel, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08054 | 3.03% | 3.03% | 3.03% | 3.03% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Mount Laurel, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Laurel, NJ. 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 Mount Laurel, 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 Mount Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mount Laurel is $205,700, with tax bills ranging significantly. The highest and lowest median tax bills are both $6,238, found in the 08054 zip code.
Property Tax Assessment Values Across Mount Laurel, New Jersey
Source: Ownwell
$151,800
$279,500
$407,200
Average Mount Laurel Assessed Value
$205,700
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 Mount Laurel, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08054 | $116,400 | $151,200 | $205,700 | $289,800 | $411,920 |
Source: Ownwell
Property Tax Bills Across Mount Laurel, New Jersey
In Mount Laurel, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by Burlington County. For instance, with a median home price of $205,700, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $4,584, while those in the 75th percentile might see bills as high as $8,779. The top 10% of property tax bills can even reach up to $12,487. Several factors influence the assessed value, including the property's location, size, and condition. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Mount Laurel's property taxes are notably higher, reflecting the region's investment in maintaining and enhancing community services. Understanding these factors can help homeowners anticipate their annual property tax obligations more accurately.
Average Mount Laurel Tax Bill
$6,238
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 Mount Laurel, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08054 | $3,525 | $4,584 | $6,238 | $8,779 | $12,487 |
Source: Ownwell