Lavallette, New Jersey Property Taxes
The median property tax rate in Lavallette, NJ is 1.65%, 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 Lavallette at $679,400, the typical annual property tax bill reaches $8,923, significantly exceeding the national median of $2,690. Property taxes in Lavallette 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 Lavallette'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 Lavallette 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
Lavallette, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$11,210
Ownwell’s Lavallette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lavallette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lavallette 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 Lavallette, New Jersey
Property taxes in Lavallette, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lavallette is 1.65%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Lavallette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lavallette 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 Lavallette's effective property tax rate to other areas in Ocean County and the national median. For comparison, the zip code 08735 has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these figures compare with Lavallette provides valuable insights into the varying tax landscape across Ocean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lavallette Tax Rate
1.65%
Average Ocean County Tax Rate
2.26%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lavallette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08735 | 0.85% | 0.85% | 1.65% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Lavallette, New Jersey
In Lavallette, 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 local 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. Assessment notices in Lavallette 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 highest and lowest median tax bills in Lavallette are both $8,923, found in zip code 08735. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lavallette, New Jersey
Source: Ownwell
$88,700
$589,800
$1,090,900
Average Lavallette Assessed Value
$679,400
Average Ocean County Assessed Value
$281,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lavallette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08735 | $402,040 | $512,350 | $679,400 | $938,600 | $1,298,200 |
Source: Ownwell
Property Tax Bills Across Lavallette, New Jersey
In Lavallette, located in Ocean County, NJ, property tax bills are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, which is periodically evaluated by local assessors. Homeowners in Lavallette face a median home price of $679,400, which significantly influences their property tax bills. The tax rate is applied to the assessed value, resulting in the annual tax bill. For instance, tax bills in Lavallette range widely, with the 25th percentile at $6,340 and the 75th percentile reaching $12,126. At the high end, the 90th percentile tax bill is $15,811. These figures indicate that property taxes in Lavallette can be quite substantial, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Lavallette are both $8,923, reflecting the uniformity in tax assessments within the 08735 zip code. High property taxes can affect homeowners by increasing the overall cost of homeownership, potentially impacting affordability and long-term financial planning.
Average Lavallette Tax Bill
$8,923
Average Ocean County Tax Bill
$5,983
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Lavallette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08735 | $4,541 | $6,340 | $8,923 | $12,126 | $15,811 |
Source: Ownwell