Property Taxes in Basking Ridge, New Jersey
Median Basking Ridge, New Jersey effective property tax rate: 1.78%, significantly lower than the national median of 1.02%, and lower than the New Jersey state median of 2.88%.
Median Basking Ridge, New Jersey home value: $690,900
Median annual Basking Ridge, New Jersey tax bill: $12,337, higher than the national median property tax bill of $2,400.
How are property taxes in Somerset calculated?
Property taxes in Basking Ridge, New Jersey are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Basking Ridge’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Basking Ridge, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Basking Ridge Property Tax Calculator Work?
Use this Basking Ridge property tax calculator to estimate your annual property tax bill. Enter your property’s assessed value and our calculator applies Basking Ridge’s median effective tax rate of 1.78% — based on actual property records in Somerset County — to generate your estimate.
Enter your property’s estimated assessed value — the figure the local assessment system uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home’s market value. Our calculator applies Basking Ridge’s median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Basking Ridge: rates range from 1.78% in 07920 to 1.78% in 07920, primarily due to differences in school district levies and local assessment districts. Basking Ridge’s median tax rate is lower than New Jersey’s 2.88% median rate, and the median tax bill of $12,337 is $9,937 higher than the state median bill.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Basking Ridge.
About Basking Ridge Property Taxes
About Property Taxes in Basking Ridge, Somerset, New Jersey
Basking Ridge’s median effective property tax rate of 1.78% is lower than the New Jersey state median of 2.88% and higher than the national median of 1.02%. This rate reflects the Somerset County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Basking Ridge. Homeowners in the 07920 ZIP code carry a median effective rate of 1.78%, while those in the same ZIP also pay 1.78%. This spread shows how local tax structures can shape your annual bill, even within one community.
Basking Ridge homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the April 1, 2026 deadline each year.
If your estimated bill seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Basking Ridge, Somerset County, New Jersey
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Basking Ridge's effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Basking Ridge Tax Rate
1.78%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Somerset County Tax Rate
1.95%
Median Effective New Jersey Tax Rate
2.88%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Basking Ridge, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | 1.78% | 1.78% | 1.78% | 1.78% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Basking Ridge, Somerset County, New Jersey
When examining property taxes in Basking Ridge, New Jersey, understanding the distinction between market value and assessed value is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Somerset County appraisal district estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Somerset County, assessment notices are sent in February each year. They’ll typically reach your mailbox by the middle of February.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. The median home price in Basking Ridge is $690,900, and the median tax bill is $12,337, compared with the national median property tax rate of 1.02% and national median property tax bill of $2,400. For example, 07920 has the highest median home price at $690,900.
Property Tax Assessment Values Across Basking Ridge, Somerset County, New Jersey
Source: Ownwell
$230,000
$696,925
$1,163,850
Median Basking Ridge Market Value
$690,900
Median Somerset County Market Value
$480,100
Median New Jersey Market Value
$288,200
Median United States Market Value
$274,101
Property Tax Assessment Values Across Basking Ridge, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | $321,070 | $432,125 | $690,900 | $972,200 | $1,298,840 |
Source: Ownwell
Property Tax Bills Across Basking Ridge, Somerset County, New Jersey
Property tax bills in Basking Ridge are based on the assessed value of a home and the local tax rate set by taxing authorities in Somerset County. When a property’s market value changes, the assessed value can also change, which affects the final bill. Homeowners in Basking Ridge should expect taxes to reflect both the home’s value and the services funded by local property taxes.
With a median home price of $690,900, property tax bills in the area can be substantial. The median tax bill in the ZIP code 07920 is $12,337, and bills vary widely across homeowners. The 25th percentile tax bill is $7,762, while the 75th percentile is $17,326 and the 90th percentile reaches $23,101.
Compared with the national median property tax rate of 1.02% and the national median property tax bill of $2,400, Basking Ridge homeowners often pay much more. That can make property taxes a major part of housing costs and a key factor in long-term affordability.
Property Tax Bills Across Basking Ridge, Somerset County, New Jersey
Source: Ownwell
$4,926
$15,347
$25,768
Median Basking Ridge Tax Bill
$12,337
Median Somerset County Tax Bill
$10,186
Median New Jersey Tax Bill
$8,638
Median United States Tax Bill
$3,209
Property Tax Bills Across Basking Ridge, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07920 | $5,728 | $7,762 | $12,337 | $17,326 | $23,101 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 1 |
Links | |
|---|---|
| Somerset Tax Assessor | |
| Website | www.taxdatahub.com |