Mountain Lakes, Morris County, New Jersey Property Taxes
Median Mountain Lakes, NJ effective property tax rate: 2.71%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Mountain Lakes, NJ home value: $733,000
Median annual Mountain Lakes, NJ tax bill: $19,822, $17,422 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in Mountain Lakes, 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 Mountain Lakes’ property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Mountain Lakes, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Mountain Lakes, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.71%
Estimate Property Tax Bill
$19,864
$18,434
Property Tax Rates Across Mountain Lakes, 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.
Mountain Lakes in Morris County, NJ, presents an interesting case. The effective property tax rate here stands at 2.71%, which is significantly higher than the national median property tax rate of 1.02%. This means homeowners in this area face a higher tax burden compared to many other parts of the country. Despite this, the rate is consistent across Mountain Lakes, making it both the highest and lowest in the area due to its uniformity.
Comparing Mountain Lakes’ tax rate to those in other cities in New Jersey, as well as the median rates nationally, highlights the variability and potential financial impact of property taxes. Such insights can be crucial for homeowners and prospective buyers when considering the overall cost of owning property in different regions.
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 Mountain Lakes Tax Rate
2.71%
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 Mountain Lakes, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07046 | 2.65% | 2.69% | 2.71% | 2.71% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Mountain Lakes, Morris County, New Jersey
When examining property taxes in Mountain Lakes, 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 May. 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 Mountain Lakes.
For example, the median home price in Mountain Lakes is $733,000, with tax bills ranging significantly across the county. 07046 has the highest median home price at $733,000.
Property Tax Assessment Values Across Mountain Lakes, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Median Mountain Lakes Market Value
$733,000
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 Mountain Lakes, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07046 | $462,920 | $574,750 | $733,000 | $966,000 | $1,276,120 |
Source: Ownwell
Property Tax Bills Across Mountain Lakes, Morris County, New Jersey
In Mountain Lakes, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects the property's market value. Mountain Lakes, located in Morris County, has some of the highest property tax bills in the nation, with a median tax bill of $19,822, significantly higher than the national median of $2,400. Factors such as home size, location, and market conditions influence the assessed value, directly impacting the tax bill. Homeowners in Mountain Lakes face substantial financial obligations due to these high property taxes.
However, Ownwell can help homeowners reduce their property tax bills through expert appeal and exemption services. By analyzing property assessments and identifying discrepancies, Ownwell's team can challenge over-assessments, potentially lowering tax obligations. This service is crucial in a high-tax area like Mountain Lakes, where even a small reduction can lead to significant savings. With Ownwell's assistance, homeowners can ensure their tax bills are fair and manageable.
Property Tax Bills Across Mountain Lakes, Morris County, New Jersey
Source: Ownwell
$5,771
$14,730
$23,689
Median Mountain Lakes Tax Bill
$19,822
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 Mountain Lakes, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07046 | $12,334 | $15,465 | $19,822 | $26,087 | $34,033 |
Source: Ownwell