Taxes Decrease In Morristown, Township With New Budget, MSD Board Says

MORRISTOWN, NJ — The average homeowner in Morristown and Morris Township will see a decrease in the amount of their property taxes going to the local school district, officials said.

On Monday, the Morris School District board approved a $150 million budget for the 2024/25 school year, which includes a 2.9 percent tax increase.

Despite this, district business administrator Anthony LoFranco said that an ongoing re-assessment in Morristown has shifted the tax burden in a way that benefits typical homeowners in the Town and Township.

"There was a shift of approximately seven percent of tax levy from the township to the town, bringing Morristown's portion to 40 percent and Morris Township's to 60 percent," LoFranco explained.

In Morris Township, he said the average assessed home is valued at $560,000, and taxes will decrease $147 for a homeowner with this valuation.

In Morristown, the average home valuation has increased by almost $300,000 as a result of the reassessment —from $357,595 around this time last year, to approximately $635,000.

The typical Morristown homeowner should see a $229 decrease even with the new valuation, said LoFranco. He added that the value of commercial properties has been increasing faster than residential properties.

Property owners in town may be a bit skeptical of that, given that some expected a tax decrease with the re-valuation when they got initial letters from the assessor last fall, only to be told that might not be true.

As for Morris Plains residents, their school district pays tuition for the students who come into MSD for high school.

About $103 million of the $150 million budget comes from local taxes. LoFranco said that 72 percent of this budget goes to funding salary and benefits for staff, including a $3.2 million increase (4.7 percent) for salaries next year.

LoFranco said the district included $4.2 million for capital improvements, including culinary renovations, electric and fire alarm upgrades, and a security camera replacement project district-wide. A new turf field at the Harter Road facility is also included.

Click here to see more about the budget breakdown from a presentation by Lo Franco and Superintendent Dr. Anne Mucci.