08701 Property Tax Rate

Property owners in ZIP code 08701 (Lakewood, New Jersey) pay a median of $7,835/year in property taxes on homes valued at $430,700. This translates to an effective tax rate of 1.82%, which is 11% below the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 08701 is approximately $653, which factors into escrow payments on mortgages. This ZIP code is located within Ocean County. This is $762 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 08701 has lower property taxes. ZIP codes with similar effective rates include 08525 (1.81%) and 08721 (1.82%).

In Lakewood, property taxes represent approximately 12.5% of the median household income of $62,811, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap; Ocean County assessments are locally determined and may increase annually without state-imposed limits, with reassessment at sale. The Homestead Benefit Program provides tax credits for primary residences with household income ≤$150,000 (lower income limits of ≤$75,000 for seniors and disabled owners) — file your application with the Ocean County Tax Board by June 1 each year. Register with the Ocean County Assessor within 30 days of closing to establish your principal residence status and lock in your baseline assessment.