Lakewood, Monmouth County, New Jersey Property Taxes
Median Lakewood, NJ effective property tax rate: 1.44%, significantly higher than the national median of 1.02%, and lower than the New Jersey state median of 2.88%.
Median Lakewood, NJ home value: $478,700
Median annual Lakewood, NJ tax bill: $5,580, $3,180 higher than the national median property tax bill of $2,400.
How are property taxes in Monmouth calculated?
Property taxes in Lakewood, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lakewood's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lakewood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lakewood, Monmouth County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.44%
Estimate Property Tax Bill
$6,893
$6,397
Property Tax Rates Across Lakewood, Monmouth County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Lakewood, located in Ocean County, NJ, the effective property tax rate is 1.44%, which stands out when compared to other cities in New Jersey. This rate is higher than the national median property tax rate of 1.02%. The median property tax bill in Lakewood also surpasses the national median of $2,400, reflecting the area's higher property values and tax rates.
This comparison highlights how property tax rates can significantly differ not only within a state but also between states. Understanding these variations is crucial for property owners seeking to manage their tax liabilities effectively. By examining the local tax landscape, property owners in Lakewood can better navigate the complexities of property taxation and potentially explore opportunities for tax appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lakewood Tax Rate
1.44%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Monmouth County Tax Rate
1.64%
Median Effective New Jersey Tax Rate
2.88%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lakewood, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08701 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, Monmouth County, New Jersey
When examining property taxes in Lakewood, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Monmouth County Tax Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Monmouth County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lakewood. For example, the median home price in Lakewood is $478,700, with tax bills ranging significantly across the county. Zip code 08701 has the highest median home price at $478,700.
Property Tax Assessment Values Across Lakewood, Monmouth County, New Jersey
Source: Ownwell
$306,400
$1,667,525
$3,028,650
Median Lakewood Market Value
$478,700
Median Monmouth County Market Value
$565,900
Median New Jersey Market Value
$288,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lakewood, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08701 | $478,700 | $478,700 | $478,700 | $478,700 | $478,700 |
Source: Ownwell
Property Tax Bills Across Lakewood, Monmouth County, New Jersey
Median Lakewood Tax Bill
$5,580
Median Monmouth County Tax Bill
$9,498
Median New Jersey Tax Bill
$8,638
Median United States Tax Bill
$2,400
Property Tax Bills Across Lakewood, Monmouth County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08701 | $5,580 | $5,580 | $5,580 | $5,580 | $5,580 |
Source: Ownwell