Lakewood 2026 Tax Increase Officially Approved

Get ready to start paying more on the monthly mortgage or tax bill.

Lakewood homeowners are now facing a significant municipal property tax increase after the Township Committee officially adopted the 2026 budget today.

The brief virtual meeting focused on formally adopting the budget, with no discussion of the size of the tax increase or what it will mean for homeowners before the vote.

Based on the previously discussed 14.4-cent increase per $100 of assessed value, a property assessed at $450,000 roughly the assessment of an average duplex would see an estimated $648 increase in its annual municipal property taxes, or about $54 per month

For comparison, the estimated municipal increase would be approximately $720 per year on a $500,000 assessment, $1,080 on $750,000, and $1,440 on a $1 million assessment.

The increase comes as Lakewood officials have cited reductions in state aid and the lack of FEMA reimbursement for snow-removal expenses from this past winter as factors contributing to the budget pressures. The Township Committee had previously introduced the budget amendment following approval by the Local Finance Board. Today’s meeting formally completed the budget adoption process.

Committeeman Lichtenstein was not online for the virtual meeting and did not vote.

The figures above represent the municipal portionof the property tax increase. A homeowner’s total tax bill also includes school, county and other taxes, so the overall increase on an individual property will depend on its assessment and the applicable tax rates.