Towaco, Morris County, New Jersey Property Taxes

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

Median Towaco, NJ effective property tax rate: 2.53%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Towaco, NJ home value: $476,700
Median annual Towaco, NJ tax bill: $11,824, $9,424 higher than the national median property tax bill of $2,400.

How are property taxes in Morris calculated?

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

Last Updated March 1, 2025

Towaco, Morris County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.53%

Estimate Property Tax Bill

$12,061

$11,192

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

Local government entities determine property tax rates, which can differ significantly within a state. Each year, counties calculate their necessary budget to deliver services, dividing that amount by the total value of all taxable property in their area. This process establishes the property tax rate. While regulations and public votes influence the setting of tax rates and budgets, this is the basic annual procedure.

In Towaco, located in Morris County, the effective property tax rate is notably higher than the national median. This can be attributed to the local government's budgetary needs and the total assessed value of properties in the area. When comparing Towaco's tax rate to other cities in New Jersey, it remains consistent with the state's trend of having higher property tax rates than the national average. This comparison highlights the importance of understanding local tax dynamics, as they can significantly impact homeowners. By staying informed, property owners can better navigate the complexities of property taxes and potentially identify opportunities for appeals or exemptions.

Property Tax Rates Across Towaco, 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 Towaco Tax Rate

2.53%

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 Towaco, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07082	2.35%	2.52%	2.53%	2.53%	2.53%

Source: Ownwell

Property Tax Assessment Values Across Towaco, Morris County, New Jersey

When examining property taxes in Towaco, 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 Towaco.

For example, the median home price in Towaco is $476,700, with tax bills ranging significantly across the county. Zip code 07082 has the highest median home price at $476,700.

Property Tax Assessment Values Across Towaco, Morris County, New Jersey

Source: Ownwell

$215,900

$831,650

$1,447,400

Median Towaco Market Value

$476,700

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 Towaco, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07082	$310,380	$364,400	$476,700	$731,250	$891,200

Source: Ownwell

Property Tax Bills Across Towaco, Morris County, New Jersey

In Towaco, NJ, property tax bills 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 $476,700, homeowners in this area experience significantly higher tax bills compared to the national median property tax bill of $2,400. In fact, the median property tax bill in Towaco is $11,824, which is more than four times the national median. Factors such as property size, location, and improvements can influence the assessed value, ultimately impacting the tax bill. This can place a substantial financial burden on homeowners. Ownwell can assist in reducing this burden by helping homeowners appeal their property tax assessments and identify potential exemptions. By leveraging expertise in local tax regulations and market trends, Ownwell aims to secure significant savings for homeowners, making property ownership more affordable and manageable.

Property Tax Bills Across Towaco, Morris County, New Jersey

Source: Ownwell

$5,771

$14,730

$23,689

Median Towaco Tax Bill

$11,824

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 Towaco, Morris County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07082	$7,555	$9,022	$11,824	$18,208	$22,529

Source: Ownwell