Rockaway Borough, Morris County, New Jersey Property Taxes
Median ROCKAWAY BOROUGH, NJ effective property tax rate: 3.20%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median ROCKAWAY BOROUGH, NJ home value: $271,400
Median annual ROCKAWAY BOROUGH, NJ tax bill: $8,690, $6,290 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in ROCKAWAY BOROUGH, 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 ROCKAWAY BOROUGH’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in ROCKAWAY BOROUGH, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Rockaway Borough, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.2%
Estimate Property Tax Bill
$8,685
$8,059
Property Tax Rates Across Rockaway Borough, Morris County, New Jersey
As noted earlier, local government entities set tax rates, which can vary widely within a state. Why? 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.
In Rockaway Borough, located in Morris County, NJ, the effective property tax rate stands at 3.20%. This rate is significantly higher than the national median property tax rate of 1.02%, reflecting the local government's need to meet its budgetary requirements. Homeowners in Rockaway Borough might find their property tax bills considerably more substantial than the national median bill of $2,400.
The property tax rate in Rockaway Borough is consistent across the zip code 07866, indicating uniformity in how properties are assessed within this area. By understanding the local tax rate, property owners can better anticipate their financial obligations and make informed decisions regarding property ownership in this region.
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 Rockaway Borough Tax Rate
3.20%
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 Rockaway Borough, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | 3.20% | 3.20% | 3.20% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Rockaway Borough, Morris County, New Jersey
When examining property taxes in Rockaway Borough, 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 Rockaway Borough.
For example, the median home price in Rockaway Borough is $271,400, with tax bills ranging significantly across the county. 07866 has the highest median home price at $271,400.
Property Tax Assessment Values Across Rockaway Borough, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Median Rockaway Borough Market Value
$271,400
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 Rockaway Borough, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | $249,200 | $255,000 | $271,400 | $297,900 | $313,120 |
Source: Ownwell
Property Tax Bills Across Rockaway Borough, Morris County, New Jersey
In Rockaway Borough, NJ, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which can fluctuate based on the real estate market and improvements made to the property. Homeowners in Rockaway Borough face a significant tax burden, with median tax bills reaching $8,690, far surpassing the national median of $2,400. This high tax bill can strain homeowners' finances, especially when compared to the national median property tax rate of 1.02%.
Factors such as property location, size, and improvements influence the assessed value, impacting the overall tax bill. Ownwell offers a solution by assisting homeowners in appealing their property tax assessments. By leveraging expertise and local market knowledge, Ownwell can potentially lower the assessed value, leading to a reduced tax bill. This service provides significant savings and financial relief for homeowners struggling with high property taxes in Rockaway Borough.
Property Tax Bills Across Rockaway Borough, Morris County, New Jersey
Source: Ownwell
$5,771
$14,730
$23,689
Median Rockaway Borough Tax Bill
$8,690
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 Rockaway Borough, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07866 | $7,979 | $8,165 | $8,690 | $9,491 | $10,026 |
Source: Ownwell