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Morris County Board of Taxation

30 Schuyler Place, Morristown, NJ 07960

973-285-6707

Chapter 123 Worksheet

Use this worksheet to calculate average, upper, and lower market value for a property.

Fill in the 2024 Total Assessment. Then fill in the Average RatioLower Limit, and Upper Limit using values from this table based on your municipality:

Municipality AVERAGE Ratio % Lower Limit Upper Limit
BOONTON TOWN 67.68 57.53 77.83
BOONTON TWP 77.68 66.03 89.33
BUTLER BORO 100.00 100.00 100.00
CHATHAM BORO 89.96 76.47 103.45
CHATHAM TWP 72.22 61.39 83.05
CHESTER BORO 84.89 72.16 97.62
CHESTER TWP 100.00 100.00 100.00
DENVILLE TWP 70.09 59.58 80.6
DOVER TOWN 68.64 58.34 78.94
EAST HANOVER 59.2 50.32 68.08
FLORHAM PARK 75.4 64.09 86.71
HANOVER TWP 76.03 64.63 87.43
HARDING TWP 79.7 67.74 91.66
JEFFERSON TWP 81.01 68.86 93.16
KINNELON BORO 81.06 68.9 93.22
LINCOLN PARK BORO 100.00 100.00 100.00
MADISON BORO 68.26 58.02 78.5
MENDHAM BORO 78.84 67.01 90.67
MENDHAM TWP 89.87 76.39 103.35
MINE HILL 67.75 57.59 77.91
MONTVILLE TWP 100.00 100.00 100.00
MORRIS TWP 78.9 67.06 90.74
MORRIS PLAINS 76.1 64.68 87.52
MORRISTOWN TOWN 96.15 81.73 100.00
MOUNTAIN LAKES 100.00 100.00 100.00
MOUNT ARLINGTON 87.73 74.57 100.00
MOUNT OLIVE 70.7 60.09 81.31
NETCONG BORO 82.62 70.23 95.01
PARSIPPANY TROY HILLS 71.16 60.49 81.83
LONG HILL 100.00 100.00 100.00
PEQUANNOCK TWP 100.00 100.00 100.00
RANDOLPH TWP 77.29 65.7 88.88
RIVERDALE BORO 93.31 79.31 100.00
ROCKAWAY BORO 76.25 64.81 87.69
ROCKAWAY TWP 100.00 100.00 100.00
ROXBURY TWP 71.32 60.62 82.02
VICTORY GARDENS 60.59 51.5 69.68
WASHINGTON TWP 74.66 63.46 85.86
WHARTON BORO 100.00 100.00 100.00

Average Market Value

Lowest Fair Market Value

Highest Fair Market Value

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