Budd Lake, Morris County, New Jersey Property Taxes
Median Budd Lake, NJ effective property tax rate: 3.36%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Budd Lake, NJ home value: $259,900
Median annual Budd Lake, NJ tax bill: $8,593, $6,193 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in Budd Lake, 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 Budd Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Budd Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Budd Lake, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.36%
Estimate Property Tax Bill
$8,733
$8,104
Property Tax Rates Across Budd Lake, Morris County, New Jersey
Local government entities determine tax rates, which can vary significantly within a state. This is because each year, counties estimate their budgetary needs to provide services and divide that by the total value of taxable property within their jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting these rates and budgets, this is essentially the annual process.
In Budd Lake, located in Morris County, the effective property tax rate stands out when compared to other cities in New Jersey. The median property tax rate in Budd Lake is notably higher than the national median of 1.02%, reflecting the state's overall higher property tax landscape. This comparison highlights the importance of understanding local tax rates, as they can significantly impact property owners' financial obligations.
For property owners in Budd Lake, being aware of these rates is crucial as it affects the overall cost of homeownership. By understanding how local tax rates are determined and comparing them to state and national averages, property owners can better plan for their financial future and explore potential avenues for tax relief or appeal.
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 Budd Lake Tax Rate
3.36%
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 Morris County Tax Rate
2.63%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Budd Lake, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07828 | 3.14% | 3.26% | 3.36% | 3.36% | 3.36% |
Source: Ownwell
Property Tax Assessment Values Across Budd Lake, Morris County, New Jersey
When examining property taxes in Budd Lake, 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 Morris County appraisal district 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 Morris County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Budd Lake. For example, the median home price in Budd Lake is $259,900, with tax bills ranging significantly across the county. Zip code 07828 has the highest median home price at $259,900.
Property Tax Assessment Values Across Budd Lake, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Median Budd Lake Market Value
$259,900
Median Morris County Market Value
$381,800
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Budd Lake, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07828 | $160,540 | $197,900 | $259,900 | $351,300 | $434,140 |
Source: Ownwell
Property Tax Bills Across Budd Lake, Morris County, New Jersey
Median Budd Lake Tax Bill
$8,593
Median Morris County Tax Bill
$9,778
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Budd Lake, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07828 | $5,187 | $6,469 | $8,593 | $11,650 | $14,428 |
Source: Ownwell