New Vernon, Morris County, New Jersey Property Taxes
Median New Vernon, NJ effective property tax rate: 1.11%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median New Vernon, NJ home value: $1,271,800
Median annual New Vernon, NJ tax bill: $14,029, $11,629 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in New Vernon, 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 New Vernon’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Vernon, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Vernon, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.11%
Estimate Property Tax Bill
$14,117
$13,100
Property Tax Rates Across New Vernon, Morris County, New Jersey
Local government entities set tax rates, which can vary widely within a state. This variability is due to each county estimating its required budget annually to provide essential services, then dividing that by the total assessed value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially how the process unfolds each year.
In New Vernon, located in Morris County, New Jersey, property tax rates are a reflection of this process. The effective property tax rate here can be compared to other cities in New Jersey, as well as the median property tax rates in the state and across the U.S. With New Jersey's median property tax rate standing at 1.11%, it surpasses the national median of 1.02%. This highlights the importance of understanding local property tax dynamics, as they significantly impact homeowners’ financial responsibilities. Comparing these rates can provide valuable insights for property owners looking to manage their tax liabilities effectively.
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 New Vernon Tax Rate
1.11%
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 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 New Vernon, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07976 | 1.07% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across New Vernon, Morris County, New Jersey
When examining property taxes in New Vernon, 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. The Morris County Tax Assessor 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.
In Morris County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 New Vernon. For example, the median home price in New Vernon is $1,271,800, with tax bills ranging significantly across the county. 07976 has the highest median home price at $1,271,800.
Property Tax Assessment Values Across New Vernon, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Median New Vernon Market Value
$1,271,800
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 New Vernon, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07976 | $528,300 | $817,525 | $1,271,800 | $1,878,100 | $2,776,800 |
Source: Ownwell
Property Tax Bills Across New Vernon, Morris County, New Jersey
Median New Vernon Tax Bill
$14,029
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 New Vernon, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07976 | $5,807 | $9,065 | $14,029 | $20,538 | $29,438 |
Source: Ownwell