Morristown, New Jersey Property Taxes
The median property tax rate in Morristown, NJ, is 1.91%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $488,500 in Morristown, the typical annual property tax bill reaches $10,147, far exceeding the national median of $2,690. Property taxes in Morristown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Morristown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Morristown 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
Morristown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$9,330
Ownwell’s Morristown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morristown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morristown 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 Morristown, New Jersey
Property taxes in Morristown, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 1.91%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Morristown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morristown 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 Morristown's effective property tax rate to other areas in Morris County and the national median. For comparison, the 07962 zip code has the highest median property tax rate of 1.93%, while the 07960 zip code has the lowest median tax rate of 1.91%. Understanding how these areas compare with Morristown 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 Morristown Tax Rate
1.91%
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 Morristown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07960 | 1.73% | 1.91% | 1.91% | 2.76% | 2.87% |
| 07962 | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, New Jersey
In Morristown, 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 Morris County 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 Morristown, 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. For instance, the highest median tax bill in Morristown is $10,147 in the 07960 zip code, while the lowest median tax bill is $9,316 in the 07962 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 Morristown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morristown, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Morristown Assessed Value
$488,500
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 Morristown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07960 | $241,500 | $342,600 | $488,500 | $672,300 | $940,540 |
| 07962 | $288,340 | $360,850 | $481,700 | $602,550 | $675,060 |
Source: Ownwell
Property Tax Bills Across Morristown, New Jersey
In Morristown, 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 Morris County tax assessor and reflects the market value of the property. Homeowners in Morristown face a median property tax rate significantly higher than the national median of 0.99%. The median home price in Morristown is $488,500, and property tax bills can vary widely depending on the specific property and its assessed value. For instance, the tax bill for the 25th percentile of homes is around $7,726, while those in the 75th percentile see bills closer to $12,981. At the higher end, the 90th percentile of homeowners face tax bills of approximately $17,527. The highest median tax bill in Morristown is $10,147 in the 07960 zip code, while the lowest is $9,316 in the 07962 zip code. These property tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Morristown Tax Bill
$10,147
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 Morristown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07960 | $5,715 | $7,726 | $10,147 | $12,980 | $17,527 |
| 07962 | $5,576 | $6,979 | $9,316 | $11,653 | $13,056 |
Source: Ownwell