NUMBER OF TAX EXEMPT PARCELS IN LAKEWOOD HAS INCREASED

[UPDATED] 

2,302 parcels of land in Lakewood Township are currently exempt from paying property taxes. Their combined Assessed Value comprises 23.12% of the total Assessed Value of all 26,799 parcels of land in the township.

Of these 2,302 parcels, 11 are public schools and those would be assessed $101,792,600; 272 are non-public schools and those would be assessed $1,065,103,800; 901 are public property (such as public parks and government buildings) and those would be assessed $562,437,500; 326 are churches and charities and those would be assessed $442,119,700; 8 are cemeteries and graveyards and those would be assessed $12,004,800; and 784 properties are not categorized and those would be assessed $332,455,400.

All of these 2,302 parcels of land together would be assessed at $2,515,913,800.

The total Assessed Value of all parcels of land in the township equals $10,886,899,800. Therefore, the assessed value of 2,302 tax exempt parcels (which is $2,515,913,800) equals 23.12% of the total Assessed Value of all parcels of land in the township.

The Township Tax Collector has estimated that the total tax rate for FY '23 will be $2.358, of which $0.721 is the tax rate for the proposed FY '23 municipal budget. This is the amount of property taxes you pay per $100 of your property's assessed value.

At these rates, these properties would pay $59,347,890.63 in total annual property taxes, of which $18,139,738.50 would go to Lakewood Township's municipal budget.

In Fiscal Year 2022, 2,265 parcels of land in Lakewood Township were exempt from paying property taxes. Their combined Assessed Value comprised 21.97% of the total Assessed Value of all parcels of land in the township.

The value of tax exempt parcels in FY '22 was $2,360,803,900.

The number of exempt parcels has now increased by 37. The percentage of total Assessed Value which is exempt has also increased.

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