Short answer: If you’re looking at Parsippany NJ homes for sale, you’re shopping in one of Morris County’s largest towns: about 56,000 people spread across sections like Lake Hiawatha, Lake Parsippany, Mount Tabor and Rainbow Lakes. Expect highway access in every direction, no train station inside town, and a 2026 general tax rate of 3.627.
Parsippany-Troy Hills Township covers about 25 square miles, including more than a square mile of water, and had 56,162 residents at the 2020 census. Most people just say “Parsippany,” but the township is really a collection of older lake and summer communities that grew into year-round neighborhoods, plus office parks and shopping along Route 46 and Route 10.
Parsippany Quick Facts
| Item | Detail |
|---|---|
| County | Morris |
| Population (2020 census) | 56,162 |
| Area | About 25.35 sq. mi. (23.63 sq. mi. of land) |
| School district | Parsippany-Troy Hills Township School District (14 schools) |
| 2026 general tax rate | 3.627 (2025: 3.452) |
| 2025 average residential tax bill | $10,852 |
| 2025 average residential sale price | $598,767 (347 sales) |
| Nearest train stations | Mount Tabor (Denville), Morris Plains, Mountain Lakes |
The Neighborhoods Inside Parsippany
Lake Hiawatha
Lake Hiawatha began in the 1920s as a summer colony. Its lake was made by diverting the Rockaway River and was finished in 1935, but it had dried up by the 1960s, and the summer cabins were turned into year-round houses. Today it’s a compact grid of smaller homes on the township’s eastern edge, with the Rockaway River and the low ground around Troy Meadows next door. It also has its own library branch on Nokomis Avenue.
Being near the river has a downside. Hurricane Irene in 2011 overtopped a floodwall in Lake Hiawatha, and Morris County’s Flood Mitigation Program has bought out flood-prone homes there. If a Lake Hiawatha house catches your eye, check its FEMA flood zone and read the seller’s flood disclosure before you make an offer.
Lake Parsippany
Lake Parsippany has one of the more unusual origin stories in the county. In the early 1930s, the company that owned the New York Daily Mirror laid out a summer community around a lake of roughly 159 acres. Lots were 20 by 100 feet, and buyers had to take out a newspaper subscription. The Lake Parsippany Property Owners Association, incorporated in 1933, still runs the lake. Many homes sit on combined original lots, so lot sizes and layouts vary a lot from street to street.
Mount Tabor
Mount Tabor was founded in 1869 as a Methodist camp meeting ground and later became a summer resort. Its cottages have steep gables, open porches and gingerbread trim, in the Stick Style and Gothic Revival styles. The historic district covers 229 buildings and was added to the New Jersey and National Registers in 2015. If you buy here, ask how historic designation affects exterior changes before you plan a renovation.
Rainbow Lakes
Rainbow Lakes is a private lake community on the western side of town, with Denville on one side and I-80 on the other. It has six lakes, and Rainbow Lake is the largest. Only dues-paying members of the Rainbow Lakes Community Club and their guests can use the lakes, the beach and the clubhouse. If you’re looking here, ask for the club’s current dues and rules.
Parsippany, Troy Hills and the rest
The central Parsippany area and Troy Hills hold much of the township’s mid-century housing: ranches, split-levels and colonials on suburban lots, plus townhouse and condo complexes. Other sections, including Intervale, Powder Mill, Greystone Park and Rockaway Neck, round out the map.
Getting Around: Highways, Buses and the Nearest Trains
Parsippany’s biggest draw for many buyers is road access. I-80, I-287 and the western end of I-280 all meet in or near the township, along with Routes 46, 10, 53 and 202. That puts Morristown and the Route 10 corridor within a short drive.
What Parsippany doesn’t have is a train station. Rail commuters drive to a station in a nearby town:
- Mount Tabor station (actually in Denville, on Station Road) is on NJ Transit’s Morristown Line and has a small parking lot.
- Morris Plains and Denville stations are also on the Morristown Line.
- Mountain Lakes and Boonton are on the Montclair-Boonton Line.
For buses, NJ Transit runs local routes through Parsippany and regional routes toward Newark. Commuter buses to the Port Authority Bus Terminal in Manhattan also serve the Route 46 and I-80 corridors. Check current schedules before you rely on a route. The township also runs a free weekday bus for residents from the Morris Hills Shopping Center. For more on rail commuting, see our guide to buying near the Montclair-Boonton Line.
Schools
The Parsippany-Troy Hills Township School District runs 14 schools and enrolled 7,140 students in 2023-24, according to the New Jersey Department of Education’s School Performance Report. It has two high schools (Parsippany High School and Parsippany Hills High School), two middle schools (Brooklawn and Central) and ten elementary schools. Elementary zoning depends on the address, so confirm the assigned school with the district before you buy. You can compare the district with others nearby in our Morris County school districts guide, and read performance data directly in the state’s reports.
Parks, Open Space and Landmarks
- Boonton Reservoir: The reservoir, also called the Jersey City Reservoir, sits between Boonton and Parsippany. It was formed by a 1904 dam on the Rockaway River and still supplies Jersey City. Morris County Parks is planning a loop trail around it, and the first phase runs through the Parsippany side.
- Troy Meadows: This large freshwater marsh on the township’s southeast edge is a National Natural Landmark and a favorite with birders.
- Township parks: The township has 31 parks covering more than 800 acres. Smith Field Park, on Route 46, is the busiest, and there are also Lake Parsippany Park, Rainbow Lakes Park and Powder Mill Park.
- Craftsman Farms: Gustav Stickley’s 27-acre former estate is one of the township’s best-known historic sites.
- The Knoll: The township’s golf facility has two 18-hole courses: semi-private Knoll West (1929) and public Knoll East (1961).
- Parsippany Rock Shelter: This archaeological site shows human use going back more than 3,000 years.
Property Taxes and What Homes Cost
The Morris County Board of Taxation lists Parsippany-Troy Hills’ 2026 general tax rate as 3.627, up from 3.452 in 2025. The general rate is applied to assessed value, not market value. The state’s 2025 effective rate for the township, which adjusts for that gap, was 2.452.
The NJ Division of Taxation’s figures give a practical picture:
| Measure | 2024 | 2025 |
|---|---|---|
| Average residential tax bill | $10,581 | $10,852 |
| Average residential assessment | n/a | $314,365 |
| Average residential sale price | n/a | $598,767 (347 sales) |
That average sale price is well below the county’s single-family median, which was above $700,000 in recent NJ REALTORS reports. It reflects Parsippany’s mix of smaller lake-community homes, condos and townhouses. For current countywide numbers, see our November 2026 Morris County market update, and compare taxes in neighboring towns in Morris County property tax rates by town.
Buying in Parsippany: What to Check
- Flood zone: This matters most near the Rockaway River and in Lake Hiawatha. Sellers in New Jersey must answer flood questions on their disclosure form.
- Lake association rules and dues: In Lake Parsippany and Rainbow Lakes, find out what membership costs and what it includes.
- Historic district limits: In Mount Tabor, ask before you plan exterior work.
- Older systems: Many homes date from the summer-cabin and postwar eras, so have the inspector check for oil tanks, wiring and drainage.
FAQ
Does Parsippany have a train station?
No. Parsippany-Troy Hills has no NJ Transit rail station. Commuters use nearby stations such as Mount Tabor (in Denville), Morris Plains and Denville on the Morristown Line, or Mountain Lakes and Boonton on the Montclair-Boonton Line.
What is the property tax rate in Parsippany, NJ?
The Morris County Board of Taxation lists the 2026 general tax rate as 3.627. The average residential tax bill in 2025 was $10,852, according to the NJ Division of Taxation.
What neighborhoods are in Parsippany-Troy Hills?
Sections include Lake Hiawatha, Lake Parsippany, Mount Tabor, Rainbow Lakes, Troy Hills, Intervale, Powder Mill, Greystone Park, Rockaway Neck and central Parsippany.
What high schools serve Parsippany?
The Parsippany-Troy Hills Township School District has two high schools: Parsippany High School and Parsippany Hills High School.
Sources
- Morris County Board of Taxation: Tax Rates
- NJ Division of Taxation: 2025 General Tax Rates (PDF)
- NJ Division of Taxation: 2025 Average Residential Statistics (PDF)
- NJ Division of Taxation: 2024 Average Residential Tax Bills (PDF)
- NJ Department of Education: Parsippany-Troy Hills School Performance Report 2023-24 (PDF)
- Parsippany-Troy Hills Township School District
- NJ Transit: Mount Tabor Station
- NJ Transit: Morristown Line stations
- NJ Transit: Montclair-Boonton Line stations
- Morris County: Riding the Bus
- Parsippany-Troy Hills: Township Transit System
- Parsippany-Troy Hills: Parks and Forestry
- Parsippany-Troy Hills: Outdoor Recreation
- Parsippany-Troy Hills: Knoll Golf Facility
- Morris County Parks: Boonton Reservoir Trail Project
- Morris County: Mt. Tabor Historic Designation
- Morris County: 20th Flood Buyout in Parsippany
- Lake Parsippany Property Owners Association: History
- Parsippany-Troy Hills Public Library
- Parsippany-Troy Hills (2020 census population and area)
- Lake Hiawatha history
- Rainbow Lake (New Jersey)
Talk to the MorrisAgent Team
Thinking about buying or selling in Parsippany? Our office is just up the road in Boonton, and we can help you compare neighborhoods, taxes and recent sales. Call (973) 200-4800, email [email protected], or stop by our office at 518 Main Street, Suite 102, Boonton. No pressure, and no surprises.