Randolph, Morris County, New Jersey Property Taxes
Median Randolph, NJ effective property tax rate: 2.65%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Randolph, NJ home value: $461,500
Median annual Randolph, NJ tax bill: $12,266, $9,866 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in Randolph, 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 Randolph’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Randolph, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Randolph, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.65%
Estimate Property Tax Bill
$12,230
$11,349
Property Tax Rates Across Randolph, Morris County, New Jersey
Local government entities in Randolph, located in Morris County, NJ, establish property tax rates, which can differ significantly across the state. Each year, Morris County estimates its budget needed to provide essential services. This budget is then divided by the total assessed value of all taxable properties within the county, resulting in the property tax rate. Although votes and laws play a role in determining tax rates and budgets, this is essentially the annual process.
In Randolph, the effective property tax rate stands at 2.65%, which is notably higher than New Jersey's state median and the national median of 1.02%. This indicates that property owners in Randolph contribute a larger portion of their property's assessed value in taxes compared to the average American homeowner. Such a high tax rate can significantly impact property owners, influencing decisions related to property investments and homeownership. Comparing Randolph’s effective property tax rate to other cities in New Jersey and the national median provides valuable insights into the local tax landscape, helping property owners make informed decisions.
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 Randolph Tax Rate
2.65%
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 Randolph, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07869 | 2.65% | 2.65% | 2.65% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Morris County, New Jersey
When examining property taxes in Randolph, 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 Randolph. For example, the median home price in Randolph is $461,500, with tax bills ranging significantly across the county. 07869 has the highest median home price at $461,500.
Property Tax Assessment Values Across Randolph, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Median Randolph Market Value
$461,500
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 Randolph, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07869 | $298,600 | $361,700 | $461,500 | $578,375 | $689,310 |
Source: Ownwell
Property Tax Bills Across Randolph, Morris County, New Jersey
In Randolph, located in Morris County, NJ, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate set by local authorities. This rate is influenced by the budgetary needs of the community, including schools, infrastructure, and public services. Homeowners in Randolph face a median property tax bill of $12,266, significantly higher than the national median of $2,400. This disparity highlights the financial burden on Randolph residents, where even the 25th percentile tax bill is $9,545.
Ownwell assists homeowners in reducing their property tax bills by providing expert property tax appeal services. Our team analyzes your property’s assessed value, ensuring it aligns with current market conditions. By identifying discrepancies and presenting a strong case to local tax authorities, Ownwell can help secure significant savings, easing the financial strain on Randolph homeowners.
Median Randolph Tax Bill
$12,266
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 Randolph, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07869 | $7,884 | $9,545 | $12,266 | $15,302 | $18,278 |
Source: Ownwell