Morristown, Morris County, New Jersey Property Taxes

Name: Property Tax Bills Across Morristown, Morris County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Morristown, NJ effective property tax rate: 1.91%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Morristown, NJ home value: $488,500
Median annual Morristown, NJ tax bill: $10,147, $7,747 higher than the national median property tax bill of $2,400.

How are property taxes in Morris calculated?

Property taxes in Morristown, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Morristown’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Morristown, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Morristown, Morris County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.91%

Estimate Property Tax Bill

$9,330

$8,658

Ownwell’s Morristown Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Morristown with just two data points.

By entering your property's estimated assessed value, our calculator applies Morristown’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Morris County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Morristown, Morris County, New Jersey

Local government entities, such as counties, are responsible for setting property tax rates, which can vary significantly within a state. Each county determines its required budget to provide essential services and divides that by the total assessed value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is essentially the annual process.

Morristown, located in Morris County, NJ, has an effective property tax rate of 1.91%, which stands out compared to other cities in the state. This rate is significantly higher than the national median property tax rate of 1.02%. Such a disparity highlights the importance of understanding local tax dynamics and exploring potential property tax appeals and exemptions. By comparing Morristown's rate to the state and national figures, property owners can better grasp the potential for savings and the impact on their financial planning.

Property Tax Rates Across Morristown, Morris County, New Jersey

Source: Ownwell

1.11%

2.23%

3.36%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Morristown Tax Rate

1.91%

Median Effective Morris County Tax Rate

2.63%

Median Effective New Jersey Tax Rate

2.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Morristown, Morris County, 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	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Morristown, Morris County, New Jersey

When examining property taxes in Morristown, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. Morris County estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices: In Morris County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Morristown. For example, the median home price in Morristown is $488,500, with tax bills ranging significantly across the county. 07960 has the highest median home price at $488,500.

Property Tax Assessment Values Across Morristown, Morris County, New Jersey

Source: Ownwell

$215,900

$831,650

$1,447,400

Median Morristown Market Value

$488,500

Median Morris County Market Value

$381,800

Median New Jersey Market Value

$282,900

Median United States Market Value

$235,294

Property Tax Assessment Values Across Morristown, Morris County, 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	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Morristown, Morris County, New Jersey

In Morristown, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate, which is applied to this value, helps calculate the final tax bill. With a median home price of $488,500, homeowners in Morristown face a median property tax bill significantly higher than the national median of $2,400. In fact, the median tax bill in Morristown's 07960 zip code is $10,147, reflecting the high property tax rates in Morris County. Homeowners in the 25th percentile pay around $7,726, while those in the 75th and 90th percentiles face bills of $12,981 and $17,527, respectively. These substantial tax bills can place a significant financial burden on homeowners. Ownwell offers property tax appeal services that can help reduce these costs by ensuring that the assessed value of a home is fair and accurate. By leveraging expert knowledge and local data, Ownwell can assist homeowners in potentially lowering their property tax bills and alleviating financial stress.

Property Tax Bills Across Morristown, Morris County, New Jersey

Source: Ownwell

$5,771

$14,730

$23,689

Median Morristown Tax Bill

$10,147

Median Morris County Tax Bill

$9,778

Median New Jersey Tax Bill

$8,227

Median United States Tax Bill

$2,400

Property Tax Bills Across Morristown, Morris County, 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	N/A	N/A	N/A	N/A	N/A

Source: Ownwell