Port Murray, Morris County, New Jersey Property Taxes

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

Median PORT MURRAY, NJ effective property tax rate: 2.68%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median PORT MURRAY, NJ home value: $361,350
Median annual PORT MURRAY, NJ tax bill: $9,395, $6,995 higher than the national median property tax bill of $2,400.

How are property taxes in Morris County calculated?

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

Last Updated March 1, 2025

Port Murray, Morris County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.68%

Estimate Property Tax Bill

$9,684

$8,987

Ownwell’s PORT MURRAY Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in PORT MURRAY with just two data points. By entering your property's estimated assessed value, our calculator applies PORT MURRAY’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 Port Murray, Morris County, New Jersey

Local government entities set tax rates, which can vary widely within a state. This is because annually, 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. Below, you can compare Port Murray’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S.

Port Murray, located in Morris County, has an effective property tax rate of 2.68%. This rate is significantly higher than the national median property tax rate of 1.02%. New Jersey is known for having some of the highest property tax rates in the country, and Port Murray's rate exemplifies this trend. Comparing this to the national median property tax bill of $2,400, residents in Port Murray likely face a substantially higher tax bill. Understanding these differences can help homeowners make informed decisions about property ownership and management in the area.

Property Tax Rates Across Port Murray, 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 Port Murray Tax Rate

2.68%

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 Port Murray, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07865	2.49%	2.68%	2.68%	2.68%	2.68%

Source: Ownwell

Property Tax Assessment Values Across Port Murray, Morris County, New Jersey

When examining property taxes in Port Murray, 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 March. 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 Port Murray.

For example, the median home price in Port Murray is $361,350, with tax bills ranging significantly across the county. Zip code 07865 has the highest median home price at $361,350.

Property Tax Assessment Values Across Port Murray, Morris County, New Jersey

Source: Ownwell

$215,900

$831,650

$1,447,400

Median Port Murray Market Value

$361,350

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 Port Murray, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07865	$213,390	$277,750	$361,350	$508,075	$603,900

Source: Ownwell

Property Tax Bills Across Port Murray, Morris County, New Jersey

In Port Murray, NJ, located in Morris County, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. With a median home price of $361,350, homeowners can expect tax bills that vary significantly. For example, the tax bill at the 25th percentile is around $7,259, while at the 75th percentile, it rises to approximately $13,483. At the 90th percentile, bills can reach $16,201. Compared to the national median property tax bill of $2,400, Port Murray's tax bills are considerably higher, reflecting the region's higher property values and tax rates. For homeowners, these taxes can represent a significant financial burden. Ownwell steps in to help by offering property tax appeal and exemption services, potentially reducing these burdens. By analyzing property assessments and identifying discrepancies, Ownwell assists homeowners in securing fairer tax rates, leading to potential savings.

Property Tax Bills Across Port Murray, Morris County, New Jersey

Source: Ownwell

$5,771

$14,730

$23,689

Median Port Murray Tax Bill

$9,395

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 Port Murray, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07865	$5,531	$7,259	$9,395	$13,483	$16,201

Source: Ownwell