Property taxes
Property taxes in Madison, NJ
The State's 2025 rates, worked out for a home you might buy or sell.
Quick answer: The 2025 effective property tax rate in Madison is 1.535% of market value, which is about $23,000 a year on a $1,500,000 home. It ranks 4 of the 16 North Jersey towns on this site (1 is the lowest rate), where rates run from 1.475% in Summit to 3.080% in West Orange.
Estimated yearly tax by home value
| Home value | Estimated tax per year | Per month |
|---|---|---|
| $750,000 | about $11,500 | about $960 |
| $1,000,000 | about $15,300 | about $1,280 |
| $1,500,000 | about $23,000 | about $1,920 |
| $2,000,000 | about $30,700 | about $2,560 |
The two rates behind it
- General tax rate: 2.254 per $100 of assessed value (the rate the town applies to its assessments).
- Average assessment ratio: 68.1%, the State's measure of how assessed values compare with market values here.
- Effective rate: 1.535% of market value (3 of the other 15 towns on this site are lower).
Source: NJ Division of Taxation, 2025 General Tax Rates. These are estimates from public rates, not a tax bill or tax advice. A home's actual tax depends on its assessed value, and rates change each year; confirm with the municipal tax assessor.
Questions
Questions about taxes in Madison
What is the property tax rate in Madison, NJ?
For 2025 the State of New Jersey lists Madison (Morris County) with a general tax rate of 2.254 per $100 of assessed value and an effective rate of 1.535% of market value.
How much are property taxes on a $1,500,000 home in Madison?
At the 2025 effective rate of 1.535%, a home worth $1,500,000 would pay about $23,000 a year, or about $1,920 a month. Your actual bill depends on your home's assessed value.
Why might my Madison tax bill differ from this estimate?
The estimate assumes the home is assessed at the town average. A home assessed above or below that average will pay more or less, and each year's rates change. Check the assessment on your tax bill or with the municipal tax assessor.
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