Lawrenceville, New Jersey Property Taxes
The median property tax rate in Lawrenceville, NJ is 2.98%, 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 Lawrenceville at $250,800, the typical annual property tax bill reaches $7,476, exceeding the national median of $2,690. Property taxes in Lawrenceville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lawrenceville'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 Lawrenceville 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
Lawrenceville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$7,474
Ownwell’s Lawrenceville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Lawrenceville. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lawrenceville to project your property tax bill. This valuable resource provides a clear understanding of your potential tax liabilities, aiding in financial planning and decision-making. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by Mercer County, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Lawrenceville, New Jersey
Property taxes in Lawrenceville, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrenceville is 2.98%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lawrenceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrenceville 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 Lawrenceville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08648 zip code has the highest median property tax rate of 2.98%, while the 08648 zip code also has the lowest median tax rate of 2.98%. Understanding how these cities compare with Lawrenceville provides valuable insights into the varying tax landscape across Mercer, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrenceville Tax Rate
2.98%
Average Mercer County Tax Rate
3.25%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrenceville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08648 | 2.98% | 2.98% | 2.98% | 2.98% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Lawrenceville, New Jersey
In Lawrenceville, 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 Mercer County Assessor 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 Lawrenceville, 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 Lawrenceville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lawrenceville, the median home price is $250,800. The highest and lowest median tax bills are both $7,476 in the 08648 zip code. The 25th percentile tax bill is $6,208, while the 75th percentile tax bill is $8,865, and the 90th percentile tax bill is $10,136.
Property Tax Assessment Values Across Lawrenceville, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Lawrenceville Assessed Value
$250,800
Average Mercer County Assessed Value
$216,500
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrenceville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08648 | $192,760 | $208,250 | $250,800 | $297,400 | $340,020 |
Source: Ownwell
Property Tax Bills Across Lawrenceville, New Jersey
In Lawrenceville, Mercer County, 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 county assessor and reflects the market value of the property. Homeowners in Lawrenceville face a median property tax bill of $7,476, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's market value, the local tax rate, and any applicable exemptions or deductions. For example, the 25th percentile tax bill is $6,208, while the 75th percentile reaches $8,865, and the 90th percentile can go up to $10,136. These figures illustrate the range of property tax burdens homeowners may experience, depending on their property's assessed value and any qualifying exemptions. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and resale value. Understanding these factors can help residents plan and budget more effectively for their property tax obligations.
Average Lawrenceville Tax Bill
$7,476
Average Mercer County Tax Bill
$7,200
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrenceville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08648 | $5,746 | $6,208 | $7,476 | $8,865 | $10,136 |
Source: Ownwell