Boonton, Morris County, New Jersey Property Taxes
Median Boonton, NJ effective property tax rate: 3.03%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Boonton, NJ home value: $380,800
Median annual Boonton, NJ tax bill: $10,918, $8,518 higher than the national median property tax bill of $2,400.
How are property taxes in Morris County calculated?
Property taxes in Boonton, 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 Boonton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Boonton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Boonton, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.29%
Estimate Property Tax Bill
$12,589
$11,682
Property Tax Rates Across Boonton, Morris County, New Jersey
Local government entities determine property tax rates, which can vary significantly within a state. This is because each county annually estimates its budgetary needs to provide essential services and divides this by the total value of all taxable properties within its boundaries. This calculation results in the property tax rate. While votes and legislation play roles in setting these rates and budgets, this is essentially the annual process.
In Boonton, located in Morris County, the effective property tax rate is notably high compared to other cities in New Jersey. Boonton’s rate is 3.03%, which is considerably higher than both the state and national medians. The national median property tax rate is 1.02%, and the median property tax bill stands at $2,400. This stark contrast highlights the significant variance in property tax rates across different regions. Understanding these differences is crucial for property owners, as it directly impacts their annual tax bills. By comparing Boonton’s effective property tax rate to other cities in New Jersey and the U.S., property owners can better navigate their financial obligations and explore potential savings through tax appeal and exemption services.
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 Boonton Tax Rate
3.29%
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 Boonton, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | 2.48% | 2.48% | 3.29% | 3.29% | 3.35% |
Source: Ownwell
Property Tax Assessment Values Across Boonton, Morris County, New Jersey
When examining property taxes in Boonton, 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 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 Boonton. For example, the median home price in Boonton is $380,800, with tax bills ranging significantly across the county. Zip code 07005 has the highest median home price at $380,800.
Property Tax Assessment Values Across Boonton, Morris County, New Jersey
Source: Ownwell
$222,300
$851,800
$1,481,300
Median Boonton Market Value
$382,650
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 Boonton, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | $270,500 | $318,700 | $382,650 | $496,275 | $693,290 |
Source: Ownwell
Property Tax Bills Across Boonton, Morris County, New Jersey
Median Boonton Tax Bill
$11,580
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 Boonton, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07005 | $8,100 | $9,801 | $11,580 | $14,302 | $18,103 |
Source: Ownwell