In New Jersey, there is a state law that says that property needs to be assessed 100% of market value every 10 years. This is a large and difficult and expensive undertaking for the towns/townships, so they tend to put it off until the state insists. Then, they form a committee, and drag it out another couple of years or so. For example, the town I live in has not re-assessed for over 15 years.
If you buy a house through an arm's length transaction for less than the assessed value, then you may be eligible to apply for a tax appeal. The tax appeal does not change the tax rate, but seeks to change the assessed value. I recommend that you use a lawyer to file the paperwork. It must be filed between January 1st of 2011 and April of 2011. In order to file, you must be able to demonstrate that the real value of the property is 15% less than the assessed value.
If you would like to contact me directly, I can review that whole tax appeal process and how it works. I've become an expert through experience.
Finally, in general, the eastern part of Morris County is taxed lower than the western part. Morristown would be in the eastern part. On the other hand, townships surrounding Morris Township tend to have lower taxes than Morristown (Morris Township, Hanover Township, East Hanover, and so on.) On the other hand, Morristown is poised to increase in value faster than some of the more suburban townships.
I'll be happy to speak with you!