Basking Ridge, Morris County, New Jersey Property Taxes
The median property tax rate in Basking Ridge, NJ is 1.11%, which is considerably higher than the national median of 0.99%, yet significantly lower than the New Jersey state median of 2.82%. With a median home value of $1,447,400 in Basking Ridge, the typical annual property tax bill reaches $15,256, far exceeding the national median of $2,690. Property taxes in Basking Ridge are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Basking Ridge's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Basking Ridge 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
Basking Ridge, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$16,066
$14,909
Ownwell’s Basking Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Basking Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Basking Ridge 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 Basking Ridge, Morris County, New Jersey
Property taxes in Basking Ridge, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Basking Ridge is 1.11%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Basking Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basking Ridge 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 Basking Ridge's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07920 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Basking Ridge 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 Basking Ridge Tax Rate
1.11%
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 Basking Ridge, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | 1.03% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Basking Ridge, Morris County, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Basking Ridge, NJ. 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 Basking Ridge, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Basking Ridge is $1,447,400, with tax bills ranging from $12,158 at the 25th percentile to $26,860 at the 90th percentile. The zip code 07920 has the highest and lowest median tax bill at $15,256. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Basking Ridge, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Average Basking Ridge Assessed Value
$1,447,400
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 Basking Ridge, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | $806,900 | $1,095,300 | $1,447,400 | $1,975,400 | $2,419,860 |
Source: Ownwell
Property Tax Bills Across Basking Ridge, Morris County, New Jersey
Property tax bills in Basking Ridge, Morris County, NJ, are calculated based on the assessed value of a home and the local tax rate. Homeowners in this region face significant property tax bills, with the median home price at $1,447,400. The assessed value of the property is multiplied by the local tax rate to determine the annual tax bill. For Basking Ridge, the tax bill can vary widely; the 25th percentile tax bill is $12,158, while the 75th percentile reaches $21,808, and the 90th percentile can be as high as $26,860. This variability stems from differences in property values and specific local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Basking Ridge are subject to higher rates, reflecting the area's higher property values and local funding needs. These tax bills significantly impact homeowners, influencing their overall housing costs and financial planning.
Property Tax Bills Across Basking Ridge, Morris County, New Jersey
Source: Ownwell
$5,771
$14,730
$23,689
Average Basking Ridge Tax Bill
$15,256
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 Basking Ridge, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | $8,969 | $12,158 | $15,256 | $21,808 | $26,860 |
Source: Ownwell