Hopatcong, New Jersey Property Taxes
The median property tax rate in Hopatcong, NJ is 2.63%, 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 Hopatcong at $544,400, the typical annual property tax bill reaches $14,340, significantly exceeding the national median of $2,690. Property taxes in Hopatcong 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 Hopatcong'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 Hopatcong 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
Hopatcong, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$14,318
$13,286
Ownwell’s Hopatcong Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopatcong with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopatcong 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 Hopatcong, New Jersey
Property taxes in Hopatcong, New Jersey, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopatcong is 2.63%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hopatcong set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopatcong 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 Hopatcong's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07843 zip code has both the highest and lowest median property tax rate of 2.63%. Understanding how these cities compare with Hopatcong provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopatcong Tax Rate
2.63%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07843 | 2.63% | 2.63% | 2.63% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Hopatcong, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hopatcong, 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 local assessing authority 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 Hopatcong, 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 Hopatcong helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hopatcong are both $14,340, with the zip code 07843.
Property Tax Assessment Values Across Hopatcong, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Hopatcong Assessed Value
$544,400
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07843 | $544,400 | $544,400 | $544,400 | $544,400 | $544,400 |
Source: Ownwell
Property Tax Bills Across Hopatcong, New Jersey
In Hopatcong, located in Morris County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value, which is determined by the local tax assessor, reflects a percentage of the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $544,400, homeowners can expect a significant tax bill, given the area's higher-than-average rates. Factors such as property improvements, neighborhood developments, and changes in the local economy can influence the assessed value. Homeowners in Hopatcong face one of the highest median tax bills in the nation, with amounts reaching $14,340. This substantial tax burden can impact household budgets and the overall cost of living. Comparing this to the national median property tax rate of 0.99%, it's evident that Hopatcong's rates are considerably higher, reflecting the region's robust property values and local funding needs.
Average Hopatcong Tax Bill
$14,340
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopatcong, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07843 | $14,340 | $14,340 | $14,340 | $14,340 | $14,340 |
Source: Ownwell