Pequannock, Morris County, New Jersey Property Taxes
Median Pequannock, NJ effective property tax rate: 2.50%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Pequannock, NJ home value: $341,200
Median annual Pequannock, NJ tax bill: $8,467, $6,067 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in Pequannock, 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 Pequannock’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Pequannock, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Pequannock, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.5%
Estimate Property Tax Bill
$8,530
$7,916
Property Tax Rates Across Pequannock, Morris County, New Jersey
Local government entities set property tax rates, which can vary significantly within a state. Each county annually estimates the budget needed to provide services and divides it by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the core of the annual process.
Pequannock in Morris County, NJ, showcases the intricacies of property tax rates. With a median property tax rate of 2.50%, it stands out compared to the national median of 1.02%. This rate is uniform across Pequannock, highlighting the town's consistent approach to property taxation. In contrast, the national median property tax bill is $2,400, which underscores the higher taxation level in Pequannock.
Understanding these differences is crucial for property owners, as it impacts financial planning and homeownership costs. By comparing Pequannock's effective property tax rate to other cities in New Jersey and national figures, property owners can gain insights into their tax obligations and potential savings opportunities.
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 Pequannock Tax Rate
2.50%
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 Pequannock, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07440 | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Pequannock, Morris County, New Jersey
When examining property taxes in Pequannock, 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 Pequannock. For example, the median home price in Pequannock is $341,200, with tax bills ranging significantly across the county. Zip code 07440 has the highest median home price at $341,200.
Property Tax Assessment Values Across Pequannock, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Median Pequannock Market Value
$341,200
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 Pequannock, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07440 | $209,300 | $263,150 | $341,200 | $421,350 | $482,260 |
Source: Ownwell
Property Tax Bills Across Pequannock, Morris County, New Jersey
Median Pequannock Tax Bill
$8,467
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 Pequannock, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07440 | $5,201 | $6,490 | $8,467 | $10,506 | $12,015 |
Source: Ownwell