Basking Ridge, Morris County, New Jersey Property Taxes
Median Basking Ridge, 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 Basking Ridge, NJ home value: $1,447,400. Median annual Basking Ridge, NJ tax bill: $15,256, $12,856 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in Basking Ridge, 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 Basking Ridge’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Basking Ridge, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Basking Ridge, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.16%
Estimate Property Tax Bill
$17,183
$15,945
Ownwell’s Basking Ridge Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Basking Ridge with just two data points.
By entering your property's estimated assessed value, our calculator applies Basking Ridge’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 Basking Ridge, Morris County, New Jersey
Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide essential services and divides that by the total 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 the annual process in a nutshell.
In Basking Ridge, located in Morris County, NJ, the effective property tax rate is notably higher than the national median of 1.02%. This comparison highlights the regional differences in property tax rates, which can significantly impact homeowners. The median property tax rate in NJ is also above the national average, reflecting the state's higher demand for public services and infrastructure. Understanding these differences is crucial for property owners considering an appeal or exemption. By comparing Basking Ridge’s effective property tax rate to other cities in NJ and the median property tax rates in NJ and the U.S., property owners can make informed decisions about their tax obligations.
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 Basking Ridge Tax Rate
1.16%
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
2.60%
Median Effective New Jersey Tax Rate
2.88%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Basking Ridge, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Basking Ridge, Morris County, New Jersey
When examining property taxes in Basking Ridge, 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 appraisal district 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 March. 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 Basking Ridge. For example, the median home price in Basking Ridge is $1,447,400, with tax bills ranging significantly across the county. Zip code 07920 has the highest median home price at $1,447,400.
Property Tax Assessment Values Across Basking Ridge, Morris County, New Jersey
Source: Ownwell
$222,300
$851,800
$1,481,300
Median Basking Ridge Market Value
$1,481,300
Median Morris County Market Value
$411,600
Median New Jersey Market Value
$288,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Basking Ridge, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | $854,000 | $1,172,850 | $1,481,300 | $1,918,950 | $2,249,640 |
Source: Ownwell
Property Tax Bills Across Basking Ridge, Morris County, New Jersey
In Basking Ridge, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the assessed value include the property's market value, location, and any improvements made. Homeowners in Basking Ridge face a significant tax burden, with the median tax bill reaching $15,256, notably higher than the national median of $2,400. The 25th percentile tax bill is $12,158, while the 75th percentile reaches $21,808, indicating a wide range of tax liabilities depending on property specifics.
Homeowners can find relief with Ownwell's services, which focus on appealing property tax assessments and securing exemptions. By analyzing property data and market trends, Ownwell identifies opportunities for tax reductions, potentially saving homeowners substantial amounts. This service is particularly beneficial in areas like Basking Ridge, where property taxes are considerably above the national average, providing a financial reprieve for residents.
Property Tax Bills Across Basking Ridge, Morris County, New Jersey
Source: Ownwell
$6,529
$15,270
$24,010
Median Basking Ridge Tax Bill
$17,416
Median Morris County Tax Bill
$10,340
Median New Jersey Tax Bill
$8,638
Median United States Tax Bill
$2,400
Property Tax Bills Across Basking Ridge, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | $10,162 | $13,810 | $17,416 | $22,810 | $26,573 |
Source: Ownwell