Lake Hopatcong, Morris County, New Jersey Property Taxes

Name: Property Tax Bills Across Lake Hopatcong, Morris County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median LAKE HOPATCONG, NJ effective property tax rate: 2.79%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median LAKE HOPATCONG, NJ home value: $292,100
Median annual LAKE HOPATCONG, NJ tax bill: $7,946, $5,546 higher than the national median property tax bill of $2,400.

How are property taxes in Morris calculated?

Property taxes in LAKE HOPATCONG, 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 LAKE HOPATCONG’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in LAKE HOPATCONG, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake Hopatcong, Morris County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.79%

Estimate Property Tax Bill

$8,150

$7,563

Ownwell’s Lake Hopatcong Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Hopatcong with just two data points. By entering your property's estimated assessed value, our calculator applies Lake Hopatcong’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by Morris County — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Morris County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake Hopatcong, Morris County, New Jersey

Local government entities set tax rates, which can vary widely within a state. Annually, 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. Below, you can compare Lake Hopatcong’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S.

Lake Hopatcong, located in Morris County, stands out with a property tax rate of 2.79%, significantly higher than the national median of 1.02%. This makes it one of the highest in the country. Homeowners here face property tax bills that are considerably above the national median of $2,400. This highlights the importance of exploring property tax appeal and exemption services to potentially reduce these costs. Understanding these rates and their implications can help residents make informed decisions about their property investments.

Property Tax Rates Across Lake Hopatcong, Morris County, New Jersey

Source: Ownwell

1.11%

2.23%

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 Lake Hopatcong Tax Rate

2.79%

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 Lake Hopatcong, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07849	2.60%	2.79%	2.79%	2.79%	2.79%

Source: Ownwell

Property Tax Assessment Values Across Lake Hopatcong, Morris County, New Jersey

When examining property taxes in Lake Hopatcong, 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 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 Lake Hopatcong.

For example, the median home price in Lake Hopatcong is $292,100, with tax bills ranging significantly across the county. 07849 has the highest median home price at $292,100.

Property Tax Assessment Values Across Lake Hopatcong, Morris County, New Jersey

Source: Ownwell

$215,900

$831,650

$1,447,400

Median Lake Hopatcong Market Value

$292,100

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 Lake Hopatcong, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07849	$168,750	$218,700	$292,100	$427,550	$527,300

Source: Ownwell

Property Tax Bills Across Lake Hopatcong, Morris County, New Jersey

In Lake Hopatcong, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. With a median home price of $292,100, homeowners in Lake Hopatcong face a median property tax bill of $7,946, significantly higher than the national median of $2,400. Factors influencing the tax bill include property size, location, and improvements made to the home. The tax bill can vary widely, as evidenced by the 25th percentile tax bill of $5,951 and the 90th percentile reaching $14,548. Such high property taxes can be a financial burden for many homeowners. Ownwell offers services to help reduce this burden by providing expert property tax appeal and exemption services. By leveraging local expertise and understanding of the assessment process, Ownwell can potentially lower property tax bills, ensuring homeowners pay only their fair share.

Property Tax Bills Across Lake Hopatcong, Morris County, New Jersey

Source: Ownwell

$5,771

$14,730

$23,689

Median Lake Hopatcong Tax Bill

$7,946

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 Lake Hopatcong, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07849	$4,591	$5,951	$7,946	$11,821	$14,548

Source: Ownwell