Lake Como, New Jersey Property Taxes
The median property tax rate in Lake Como, NJ is 1.04%, 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 Lake Como at $645,400, the typical annual property tax bill reaches $6,714, exceeding the national median of $2,690. Property taxes in Lake Como 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 Lake Como'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 Lake Como or another part of Monmouth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Como, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$6,712
Ownwell’s Lake Como Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Como with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Como 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 Monmouth County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Como, New Jersey
Property taxes in Lake Como, 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 Lake Como is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Lake Como set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Como 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. For comparison, the zip code 07719 in Monmouth County has the same median property tax rate of 1.04%. Understanding how these areas compare with Lake Como provides valuable insights into the varying tax landscape across Monmouth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Como Tax Rate
1.04%
Average Monmouth County Tax Rate
1.86%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Como, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Lake Como, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Como, New Jersey. 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 Monmouth County 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 Lake Como, 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 Lake Como helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 07719, both at $6,714, which is significantly higher than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Lake Como, New Jersey
Source: Ownwell
$214,800
$1,639,900
$3,065,000
Average Lake Como Assessed Value
$645,400
Average Monmouth County Assessed Value
$467,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Como, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | $645,400 | $645,400 | $645,400 | $645,400 | $645,400 |
Source: Ownwell
Property Tax Bills Across Lake Como, New Jersey
In Lake Como, located in Monmouth County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area is $645,400, and the property tax rate is applied to this assessed value to determine the annual tax bill. For Lake Como, the median property tax bill is $6,714, which is significantly higher than the national median property tax rate of 0.99%. This tax amount remains consistent across various percentiles, indicating a uniform tax application within the area. Several factors influence the tax bill, including the property's assessed value, which is periodically updated to reflect market conditions. Homeowners in Lake Como can expect their property tax bills to have a substantial impact on their annual expenses, given the high median tax rate in comparison to the national average. This can affect affordability and long-term financial planning for residents. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Lake Como Tax Bill
$6,714
Average Monmouth County Tax Bill
$8,714
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Como, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07719 | $6,714 | $6,714 | $6,714 | $6,714 | $6,714 |
Source: Ownwell