East Hanover, Morris County, New Jersey Property Taxes
Median East Hanover, NJ effective property tax rate: 2.44%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median East Hanover, NJ home value: $350,400
Median annual East Hanover, NJ tax bill: $8,347, $5,947 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in East Hanover, 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 East Hanover’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in East Hanover, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
East Hanover, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.44%
Estimate Property Tax Bill
$8,550
$7,934
Property Tax Rates Across East Hanover, Morris County, New Jersey
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide 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, in a nutshell, this is the annual process.
East Hanover in Morris County, NJ, stands out with a notably high effective property tax rate of 2.44%, significantly above the national median of 1.02%. This rate is among the highest in the state, reflecting the local government's budgetary needs and the total value of taxable property in the area. Compared to the national median property tax bill of $2,400, residents in East Hanover are likely to experience a much higher tax burden due to this elevated rate. This comparison highlights the variability in property tax rates across different regions and underscores the importance of understanding local tax policies.
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 East Hanover Tax Rate
2.44%
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 East Hanover, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07936 | 2.25% | 2.36% | 2.44% | 2.44% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across East Hanover, Morris County, New Jersey
When examining property taxes in East Hanover, 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 East Hanover.
For example, the median home price in East Hanover is $350,400, with tax bills ranging significantly across the county. The zip code 07936 has the highest median home price at $350,400.
Property Tax Assessment Values Across East Hanover, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Median East Hanover Market Value
$350,400
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 East Hanover, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07936 | $226,400 | $277,900 | $350,400 | $438,350 | $528,010 |
Source: Ownwell
Property Tax Bills Across East Hanover, Morris County, New Jersey
In East Hanover, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. With a median home price of $350,400, homeowners face property tax bills that can vary significantly. The 25th percentile tax bill is $6,636, while the 75th percentile reaches $10,539, and the 90th percentile climbs to $12,771. Notably, East Hanover's median tax bill is $8,347, which is substantially higher than the national median property tax bill of $2,400. This discrepancy can place a financial burden on homeowners.
Several factors influence these tax bills, including property assessments and local government budgets. High property taxes can impact homeowners by increasing monthly mortgage payments and affecting overall affordability. Ownwell offers a solution by helping homeowners appeal their property tax assessments and identify potential exemptions. By leveraging expert knowledge and a proven track record, Ownwell can assist homeowners in reducing their property tax bills, providing much-needed financial relief and peace of mind.
Property Tax Bills Across East Hanover, Morris County, New Jersey
Source: Ownwell
$5,771
$14,730
$23,689
Median East Hanover Tax Bill
$8,347
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 East Hanover, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07936 | $5,317 | $6,636 | $8,347 | $10,539 | $12,771 |
Source: Ownwell