Basking Ridge, Somerset County, New Jersey Property Taxes
Median Basking Ridge, NJ effective property tax rate: 2.01%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Basking Ridge, NJ home value: $616,900
Median annual Basking Ridge, NJ tax bill: $12,203, $9,803 higher than the national median property tax bill of $2,400.
How are property taxes in Somerset calculated?
Property taxes in Basking Ridge, NJ 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 March 1, 2025
Basking Ridge, Somerset County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.01%
Estimate Property Tax Bill
$12,400
$11,507
Ownwell’s Basking Ridge Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Basking Ridge with just two data points.
By entering your property's estimated assessed value, our calculator applies Basking Ridge’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Somerset.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Basking Ridge, Somerset County, New Jersey
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
2.01%
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
2.05%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Basking Ridge, Somerset County, New Jersey
Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
07920 | 1.89% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Basking Ridge, Somerset County, New Jersey
When examining property taxes in Basking Ridge, NJ, 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 the spring each year. They’ll typically reach your mailbox by the middle of April. 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. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Basking Ridge. For example, the median home price in Basking Ridge is $616,900, with tax bills ranging significantly across the county. Zip code 07920 has the highest median home price at $616,900.
Property Tax Assessment Values Across Basking Ridge, Somerset County, New Jersey
Source: Ownwell

$230,000
$621,625
$1,013,250
Median Basking Ridge Market Value
$616,900
Median Somerset County Market Value
$415,100
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Basking Ridge, Somerset County, New Jersey
Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
07920 | $268,340 | $374,200 | $616,900 | $847,050 | $1,087,120 |
Source: Ownwell
Property Tax Bills Across Basking Ridge, Somerset County, New Jersey
Property Tax Bills Across Basking Ridge, Somerset County, New Jersey
Source: Ownwell

$4,735
$12,659
$20,582
Median Basking Ridge Tax Bill
$12,203
Median Somerset County Tax Bill
$9,311
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Basking Ridge, Somerset County, New Jersey
Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
07920 | $5,284 | $7,394 | $12,203 | $16,967 | $21,794 |
Source: Ownwell