Florham Park, Morris County, New Jersey Property Taxes

Name: Property Tax Bills Across Florham Park, Morris County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Florham Park, NJ effective property tax rate: 1.60%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Florham Park, NJ home value: $605,200
Median annual Florham Park, NJ tax bill: $9,443, $7,043 higher than the national median property tax bill of $2,400.

How are property taxes in Morris County calculated?

Property taxes in Florham Park, 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 Florham Park’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Florham Park, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Florham Park, Morris County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.6%

Estimate Property Tax Bill

$9,683

$8,986

Ownwell’s Florham Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Florham Park with just two data points. By entering your property's estimated assessed value, our calculator applies Florham Park’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 Florham Park, 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. Florham Park in Morris County, New Jersey, has a median property tax rate of 1.60%, which is significantly higher than the national median of 1.02%. This rate reflects the local government's budgetary needs and the value of taxable properties in the area. Comparing Florham Park’s rate to other cities in New Jersey, it remains consistent, as it shares the same rate with other areas within the same zip code. However, when viewed against the national figures, the disparity highlights the higher property tax burden faced by residents in Florham Park. Understanding these rates can offer insights into the financial landscape and the fiscal policies impacting property owners in the region.

Property Tax Rates Across Florham Park, Morris County, New Jersey

Source: Ownwell

1.11%

2.23%

3.36%

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 Florham Park Tax Rate

1.60%

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 Florham Park, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07932	1.47%	1.59%	1.60%	1.60%	1.60%

Source: Ownwell

Property Tax Assessment Values Across Florham Park, Morris County, New Jersey

When examining property taxes in Florham Park, 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. Assessment notices: Morris County sends assessment notices 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 Florham Park. For example, the median home price in Florham Park is $605,200, with tax bills ranging significantly across the county. 07932 has the highest median home price at $605,200.

Property Tax Assessment Values Across Florham Park, Morris County, New Jersey

Source: Ownwell

$215,900

$831,650

$1,447,400

Median Florham Park Market Value

$605,200

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 Florham Park, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07932	$320,000	$454,150	$605,200	$778,450	$966,060

Source: Ownwell

Property Tax Bills Across Florham Park, Morris County, New Jersey

In Florham Park, 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 property tax bill. In Morris County, the median property tax bill is significantly higher than the national median, reflecting the area's higher property values. The tax bill at the 25th percentile is $7,024, while at the 75th percentile, it rises to $12,249. For those at the 90th percentile, the tax bill can reach as high as $15,171. These figures highlight the substantial financial burden property taxes can impose on homeowners in the area. Ownwell offers services to help homeowners reduce their property tax bills through appeals and exemptions. By leveraging expert knowledge and personalized strategies, Ownwell can assist homeowners in ensuring their property is fairly assessed, potentially leading to significant savings on their annual tax bills.

Property Tax Bills Across Florham Park, Morris County, New Jersey

Source: Ownwell

$5,771

$14,730

$23,689

Median Florham Park Tax Bill

$9,443

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 Florham Park, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07932	$4,910	$7,024	$9,443	$12,249	$15,171

Source: Ownwell