Lake Hopatcong, Sussex County, New Jersey Property Taxes
Median Lake Hopatcong, NJ effective property tax rate: 3.43%, 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: $214,750
Median annual Lake Hopatcong, NJ tax bill: $7,366, $4,966 higher than the national median property tax bill of $2,400.
How are property taxes in Sussex 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, Sussex County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.43%
Estimate Property Tax Bill
$7,366
$6,835
Property Tax Rates Across Lake Hopatcong, Sussex 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, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the essence of the annual process.
In Lake Hopatcong, Sussex County, NJ, property owners experience a notably higher effective property tax rate compared to the national median. The median property tax rate here is significantly above the national average, reflecting the unique budgetary needs and valuation of properties in this region. This high rate positions Lake Hopatcong among the top in the state for property taxes, emphasizing the importance of understanding and potentially appealing property assessments to manage tax liabilities effectively.
Comparing Lake Hopatcong's effective property tax rate with other cities in New Jersey and the national median highlights the variance in property tax burdens across different regions. Such comparisons can provide valuable insights for homeowners and prospective buyers when considering property investments in New Jersey.
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
3.43%
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 Sussex County Tax Rate
3.40%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lake Hopatcong, Sussex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | 3.43% | 3.43% | 3.43% | 3.43% | 3.43% |
Source: Ownwell
Property Tax Assessment Values Across Lake Hopatcong, Sussex 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 Sussex 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 Sussex 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 $214,750, with tax bills ranging significantly across the county. Zip code 07849 has the highest median home price at $214,750.
Property Tax Assessment Values Across Lake Hopatcong, Sussex County, New Jersey
Source: Ownwell
$156,900
$263,075
$369,250
Median Lake Hopatcong Market Value
$214,750
Median Sussex County Market Value
$229,300
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lake Hopatcong, Sussex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | $101,740 | $148,525 | $214,750 | $317,225 | $410,010 |
Source: Ownwell
Property Tax Bills Across Lake Hopatcong, Sussex County, New Jersey
In Lake Hopatcong, located in Sussex County, NJ, property tax bills are determined based on the assessed value of a home and the local property tax rate. The median home price in this area is $214,750, with a median property tax bill of $7,366, significantly higher than the national median of $2,400. Tax bills can vary widely, with the 25th percentile at $5,094 and the 90th percentile reaching $14,063. These figures highlight the substantial financial burden on homeowners in this region.
Homeowners in Lake Hopatcong face higher property tax rates, which can impact their overall financial health. Factors such as the home's market value, local government budgets, and public service funding needs all play a role in determining the final tax bill. Ownwell offers a solution by providing property tax appeal and exemption services. By working with experts who understand local tax laws and assessment procedures, homeowners can potentially lower their tax bills, ensuring they pay only what is fair and necessary.
Property Tax Bills Across Lake Hopatcong, Sussex County, New Jersey
Source: Ownwell
$4,514
$7,658
$10,801
Median Lake Hopatcong Tax Bill
$7,366
Median Sussex County Tax Bill
$7,518
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Lake Hopatcong, Sussex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07849 | $3,490 | $5,094 | $7,366 | $10,881 | $14,063 |
Source: Ownwell