Recent advances in single-molecule magnet (SMM) research have placed great value on interpretation of inelastic neutron scattering (INS) data for rare earth (RE)-containing SMMs. Here, we present the synthesis of several rare earth complexes where combined magnetic and INS studies have been performed, supported by ab initio calculations. The reaction of rare earth nitrate salts with 2,2'-bipyridine (2,2'-bpy) and tetrahalocatecholate (X4Cat2-, X = Br, Cl) ligands in methanol (MeOH) afforded two new families of compounds [RE(2,2'-bpy)2(X4Cat)(X4CatH)(MeOH)] (X = Br and RE = Y, Eu, Gd, Tb, Dy, Ho, Yb for 1-RE; X = Cl and RE = Y, Tb, Dy, Ho, and Yb for 2-RE). Addition of triethylamine (Et3N) to the reaction mixture delivered Et3NH[RE(2,2'-bpy)2(Br4Cat)2] (3-RE, RE = Er and Yb). Interestingly, cerium behaves differently to the rest of the series, generating (2,2'-bpyH)2[Ce(Br4Cat)3(2,2'-bpy)] (4-Ce) with tetravalent Ce(IV) in contrast to the trivalent metal ions in 1-3. The static magnetic properties of 1-RE (RE = Gd, Tb, Dy and Ho) were investigated in conjunction with INS measurements on 1-Y, 1-Tb, and 1-Ho to probe their ground state properties and any crystal field excitations. To facilitate interpretation of the INS spectra and provide insight into the magnetic behavior, ab initio calculations were performed using the single-crystal X-ray diffraction structural data of 1-RE (RE = Tb, Dy and Ho). The ab initio calculations indicate ground doublets dominated by the maximal angular momentum projection states of Kramers type for 1-Dy and Ising type for 1-Tb and 1-Ho. Dynamic magnetic susceptibility measurements indicate that 1-Dy exhibits slow magnetic relaxation in the presence of a small applied magnetic field mainly through Raman pathways. Inelastic neutron scattering spectra exhibit distinct transitions corresponding to crystal field-induced tunneling gaps between the pseudo-doublet ground state components for 1-Tb and 1-Ho, which is one of the first direct experimental measurements with INS of such tunneling transitions in a molecular nanomagnet. The power of high-resolution INS is demonstrated with evidence of two distinct tunneling gaps measurable for the two crystallographically unique Tb coordination environments observed in the single crystal X-ray structure.