The average New Jersey Property Tax Bill in 2019 was $8,736. Comparably, the average Morris County Property Tax bill in 2019 was $10,619.
The most expensive area in Morris County by average tax bill in 2019 was the borough of Mountain Lakes where the average tax bill was $20,983.
The next highest average tax bills in 2019 came from Mendham Township ($19,542), Chester Township ($15,733), Mendham Borough ($15,732), Chatham Township ($15,105), Kinnelon Borough ($15,023), Chatham Borough ($14,240), and Harding Township ($14,228).
A resident's property tax bill is based on average county tax rates and the value of their homes. In Morris County, the average property tax rate is 2.14%. Based on Morris county’s average property tax bill, most homes in Morris County are valued at just under $500,000.
Homes are highly valued in Morris County; therefore, residents see higher property tax bills than the New Jersey average. However, Morris County’s average tax rate is about 0.3% lower than the state of New Jersey and 1.07% higher than the national average.
Comparably, if you lived in a home valued at $500k, your average tax bill in New Jersey (outside of Morris County) would be around $12,100. Whereas if you had a similarly valued home outside of New Jersey, your average property tax bill (based on a national average) would be around $5,350.
New Jersey political representatives often cite New Jersey’s superior schools as one reason why the property tax rate and home values are so high in comparison to the nation.
How do you feel about New Jersey and Morris County’s high property taxes and home values? Let us know in the comments below.