Morris Plains, New Jersey Property Taxes
The median property tax rate in Morris Plains, NJ is 2.97%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Morris Plains at $374,900, the typical annual property tax bill reaches $9,832, far exceeding the national median of $2,690. Property taxes in Morris Plains are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morris Plains' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Morris Plains or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morris Plains, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$11,135
Ownwell’s Morris Plains Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morris Plains with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morris Plains to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Morris Plains, New Jersey
Property taxes in Morris Plains, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morris Plains is 2.97%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Morris Plains set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morris Plains estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Morris Plains' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07950 zip code has the highest median property tax rate of 2.97%, while the lowest median tax rate is also 2.97%. Understanding how these cities compare with Morris Plains provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morris Plains Tax Rate
2.97%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morris Plains, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07950 | 1.91% | 2.45% | 2.97% | 3.17% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Morris Plains, New Jersey
In Morris Plains, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Morris Plains, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The highest and lowest median tax bills in the area are both $9,832, found in the 07950 zip code. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Morris Plains helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morris Plains, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Morris Plains Assessed Value
$374,900
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morris Plains, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07950 | $127,900 | $288,200 | $374,900 | $471,600 | $560,400 |
Source: Ownwell
Property Tax Bills Across Morris Plains, New Jersey
In Morris Plains, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and is meant to reflect a percentage of the property's market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the home's location, size, and market conditions. For instance, in Morris Plains, the median home price is $374,900. Homeowners in Morris Plains can expect property tax bills to vary significantly, with the 25th percentile at $7,583 and the 75th percentile reaching $12,323. The highest median tax bill recorded in the area is $9,832. These property taxes fund essential community services such as schools, public safety, and infrastructure. While property taxes in Morris Plains are higher than the national median rate of 0.99%, they reflect the community's investment in maintaining a high quality of life for its residents.
Average Morris Plains Tax Bill
$9,832
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Morris Plains, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07950 | $4,333 | $7,583 | $9,832 | $12,323 | $15,372 |
Source: Ownwell