Oak Ridge, Morris County, New Jersey Property Taxes

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

Median OAK RIDGE, NJ effective property tax rate: 2.79%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median OAK RIDGE, NJ home value: $319,650
Median annual OAK RIDGE, NJ tax bill: $8,756, $6,356 higher than the national median property tax bill of $2,400.

How are property taxes in Morris calculated?

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

Last Updated March 1, 2025

Oak Ridge, Morris County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.79%

Estimate Property Tax Bill

$8,918

$8,276

Ownwell’s OAK RIDGE Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in OAK RIDGE with just two data points.

By entering your property's estimated assessed value, our calculator applies OAK 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.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Oak Ridge, Morris County, New Jersey

Local government entities in New Jersey determine property tax rates, and these can vary significantly across different areas. Each year, counties like Morris estimate their budget needs for providing essential services and divide this by the total assessed value of all taxable properties within their jurisdiction. This process results in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is essentially the annual procedure.

In Oak Ridge, within Morris County, the effective property tax rate stands at 2.79%. This rate is notably higher than the national median property tax rate of 1.02%. When comparing Oak Ridge to other cities in New Jersey, it's evident that Oak Ridge's property tax rate is among the highest in the state. This is reflective of the broader trend in New Jersey, where property tax rates are generally higher than the national average. Understanding these rates is crucial for property owners seeking to manage their tax liabilities effectively.

Property Tax Rates Across Oak Ridge, 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 Oak Ridge Tax Rate

2.79%

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 Oak Ridge, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07438	2.58%	2.78%	2.79%	2.79%	2.79%

Source: Ownwell

Property Tax Assessment Values Across Oak Ridge, Morris County, New Jersey

When examining property taxes in Oak 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 tax authority 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 Oak Ridge. For example, the median home price in Oak Ridge is $319,650, with tax bills ranging significantly across the county. 07438 has the highest median home price at $319,650.

Property Tax Assessment Values Across Oak Ridge, Morris County, New Jersey

Source: Ownwell

$215,900

$831,650

$1,447,400

Median Oak Ridge Market Value

$319,650

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 Oak Ridge, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07438	$196,590	$255,700	$319,650	$400,525	$481,800

Source: Ownwell

Property Tax Bills Across Oak Ridge, Morris County, New Jersey

In OAK RIDGE, located in Morris County, NJ, property taxes 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. With a median home price of $319,650, homeowners in this area face property tax bills that can be significantly higher than the national median. The typical tax bill ranges from $6,974 at the 25th percentile to $13,353 at the 90th percentile, with a median tax bill of $8,756, well above the national median of $2,400. This substantial tax burden can impact homeowners' financial planning and overall budget. Ownwell offers a solution by helping homeowners appeal their property tax assessments and secure exemptions where applicable. By leveraging expertise in local tax regulations and assessment practices, Ownwell can potentially reduce the tax burden, ensuring homeowners pay only their fair share, thus providing significant savings and peace of mind.

Property Tax Bills Across Oak Ridge, Morris County, New Jersey

Source: Ownwell

$5,771

$14,730

$23,689

Median Oak Ridge Tax Bill

$8,756

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 Oak Ridge, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07438	$5,169	$6,974	$8,756	$11,065	$13,353

Source: Ownwell