Short answer: Your property tax bill is your home’s assessed value multiplied by your town’s total tax rate (school, municipal and county). Taxes are paid quarterly, due February 1, May 1, August 1 and November 1, and rates vary widely from town to town, so always compare the actual tax bill on any home you consider.
How the bill is calculated
Each town’s tax assessor sets an assessed value for your home. Each year the town, school district and county budgets set a combined tax rate. Multiply the two and you get your annual bill. Schools are usually the largest share.
Why two similar homes can have very different taxes
- Different towns: rates vary a lot across Morris, Sussex and Warren County.
- Different assessment dates: some towns reassess often; others have not revalued in years, so an equalization ratio is used to compare.
- Town vs. township: places like Boonton and Boonton Township or Rockaway Borough and Rockaway Township are separate taxing districts.
When property taxes are due
New Jersey property taxes are paid in four quarterly installments: February 1, May 1, August 1 and November 1, usually with a 10-day grace period. Most buyers with a mortgage pay through an escrow account. At closing, taxes are prorated between buyer and seller.
Property tax relief programs
- ANCHOR: state benefit for eligible homeowners and renters.
- Senior Freeze (Property Tax Reimbursement): for eligible seniors and disabled residents.
- Stay NJ: additional relief for eligible homeowners 65 and older.
- Veteran deductions and exemptions: available through your local tax assessor.
Eligibility rules and amounts change, so check the NJ Division of Taxation for current details.
Tips for buyers
- Ask for the current tax bill, not just the listing estimate.
- Check whether the town has a revaluation coming up.
- Use our mortgage calculator with the real tax figure.
Comparing towns? Browse our North Jersey town guides.
Frequently asked questions
When are property taxes due in New Jersey?
Quarterly, on February 1, May 1, August 1 and November 1, typically with a 10-day grace period.
How are property taxes calculated in New Jersey?
Assessed value multiplied by the combined municipal, school and county tax rate for that town.
Talk to the MorrisAgent Team. Call (973) 200-4800, email [email protected], or stop by 518 Main Street, Suite 102, Boonton. We answer questions like this every day, with no pressure and no surprises.