Whippany, Morris County, New Jersey Property Taxes
Median Whippany, NJ effective property tax rate: 1.92%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Whippany, NJ home value: $400,100
Median annual Whippany, NJ tax bill: $7,666, $5,266 higher than the national median property tax bill of $2,400.
How are property taxes in Morris calculated?
Property taxes in Whippany, 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 Whippany’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Whippany, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Whippany, Morris County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.92%
Estimate Property Tax Bill
$7,682
$7,129
Property Tax Rates Across Whippany, Morris County, New Jersey
Local government entities set tax rates, which can vary widely within a state. 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 Whippany, located in Morris County, the effective property tax rate is a significant consideration for homeowners. With property taxes playing a crucial role in funding essential services, understanding the local rates becomes imperative. Comparing Whippany’s effective property tax rate to other cities in New Jersey can offer valuable insights. The median property tax rate in New Jersey is notably higher than the national median, reflecting the state's commitment to maintaining robust public services through property tax revenue.
By examining these rates, property owners can better navigate their financial planning and anticipate future tax obligations. This understanding can also aid in making informed decisions about property investments and appeals. Comparing Whippany’s rate to the national average underscores the importance of regional differences in property tax burdens.
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 Whippany Tax Rate
1.92%
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 Whippany, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07981 | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Whippany, Morris County, New Jersey
When examining property taxes in Whippany, 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 May. 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 Whippany.
For example, the median home price in Whippany is $400,100, with tax bills ranging significantly across the county. Zip code 07981 has the highest median home price at $400,100.
Property Tax Assessment Values Across Whippany, Morris County, New Jersey
Source: Ownwell
$215,900
$831,650
$1,447,400
Median Whippany Market Value
$400,100
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 Whippany, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07981 | $283,620 | $345,300 | $400,100 | $479,600 | $642,400 |
Source: Ownwell
Property Tax Bills Across Whippany, Morris County, New Jersey
In Whippany, located in Morris County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. With a median home price of $400,100, homeowners face property tax bills that often exceed the national median. For instance, the median property tax bill in Whippany is significantly higher than the national median of $2,400, with amounts ranging from $6,614 at the 25th percentile to $12,436 at the 90th percentile. This substantial tax burden can be attributed to the area's relatively high property values and tax rates.
Homeowners in Whippany are affected by these high taxes, which can strain budgets and impact overall affordability. However, Ownwell offers a solution by providing property tax appeal and exemption services. By leveraging expert knowledge and local market insights, Ownwell helps homeowners identify potential discrepancies in their property assessments and navigate the appeal process. This can lead to significant savings, easing the financial burden on homeowners and ensuring they are not overpaying on their property taxes.
Median Whippany Tax Bill
$7,666
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 Whippany, Morris County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07981 | $5,482 | $6,614 | $7,666 | $9,211 | $12,436 |
Source: Ownwell