Lambertville, New Jersey Property Taxes
The median property tax rate in Lambertville, NJ is 2.31%, 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 Lambertville, the typical annual property tax bill reaches $9,045, exceeding the national median of $2,690. Property taxes in Lambertville 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 Lambertville'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 Lambertville 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
Lambertville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$9,315
Ownwell’s Lambertville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lambertville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lambertville 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 Lambertville, New Jersey
Property taxes in Lambertville, 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 Lambertville is 2.31%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lambertville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lambertville 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 Lambertville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08530 has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Lambertville provides valuable insights into the varying tax landscape across Hunterdon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lambertville Tax Rate
2.31%
Average Hunterdon County Tax Rate
2.66%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lambertville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08530 | 2.09% | 2.09% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Lambertville, New Jersey
In Lambertville, 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 Hunterdon 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 Lambertville, 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. The median home price in Lambertville is $403,250, with tax bills ranging from $7,378 at the 25th percentile to $14,653 at the 90th percentile. The highest and lowest median tax bills, both $9,045, are found in the 08530 zip code. Being aware of these valuation processes in Lambertville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lambertville, New Jersey
Source: Ownwell
$145,500
$560,200
$974,900
Average Lambertville Assessed Value
$403,250
Average Hunterdon County Assessed Value
$364,050
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lambertville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08530 | $273,540 | $326,775 | $403,250 | $535,125 | $672,650 |
Source: Ownwell
Property Tax Bills Across Lambertville, New Jersey
In Lambertville, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value of the property, which is periodically appraised by local authorities. Various factors such as location, property size, and home improvements can influence this assessed value. Homeowners in Lambertville, part of Hunterdon County, face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $7,378, while the 75th percentile reaches $12,015, and the 90th percentile can be as high as $14,653. The median home price in the area is $403,250, which is considerably higher than the national median property tax rate of 0.99%. These high property tax rates can significantly impact homeowners by increasing their annual expenses, sometimes making it challenging to afford homeownership. Understanding these factors is crucial for homeowners to manage their finances effectively and consider potential tax appeal opportunities.
Average Lambertville Tax Bill
$9,045
Average Hunterdon County Tax Bill
$10,015
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lambertville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08530 | $6,076 | $7,378 | $9,045 | $12,015 | $14,653 |
Source: Ownwell