Property Taxes in Franklin Park, New Jersey
Median Franklin Park, New Jersey effective property tax rate: 1.80%, significantly lower than the national median of 1.02%, and lower than the New Jersey state median of 2.88%.
Median Franklin Park, New Jersey home value: $341,850
Median annual Franklin Park, New Jersey tax bill: $6,164, higher than the national median property tax bill of $2,400.
How are property taxes in Somerset calculated?
Property taxes in Franklin Park, 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 Franklin Park's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Franklin Park, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Franklin Park Property Tax Calculator Work?
Use this Franklin Park property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Franklin Park's median effective tax rate of 1.80% — based on actual property records in Somerset County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Franklin Park'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 Franklin Park: rates range from 1.80% in 08823 to 1.80% in 08823, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Franklin Park.
About Franklin Park Property Taxes
About Property Taxes in Franklin Park, Somerset, New Jersey
Franklin Park’s median effective property tax rate of 1.80% 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 Franklin Park. Homeowners in the 08823 ZIP code carry a median effective rate of 1.80%, while those in the same ZIP also pay 1.80%. This reflects how school district boundaries and local assessment districts are drawn across Somerset County. Understanding which part of Franklin Park you live in can make a meaningful difference to your annual tax bill.
Franklin Park 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 above 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 Franklin Park, 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 Franklin Park'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 Franklin Park Tax Rate
1.80%
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 Franklin Park, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08823 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Franklin Park, Somerset County, New Jersey
When examining property taxes in Franklin Park, 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 the spring 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. 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 Franklin Park.
For example, the median home price in Franklin Park is $341,850, with tax bills ranging significantly across the county. 08823 has the highest median home price at $341,850.
Property Tax Assessment Values Across Franklin Park, Somerset County, New Jersey
Source: Ownwell
$230,000
$696,925
$1,163,850
Median Franklin Park Market Value
$341,850
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 Franklin Park, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08823 | $176,400 | $290,900 | $341,850 | $451,150 | $706,350 |
Source: Ownwell
Property Tax Bills Across Franklin Park, Somerset County, New Jersey
Property tax bills in Franklin Park are based on the assessed value of a home and the local tax rate set by taxing authorities. For homeowners, the bill is determined by multiplying the assessed value by the applicable rate, so changes in market value and local budgets can both affect what is owed.
In Franklin Park, where the median home price is $341,850, property tax bills are often substantial. The 25th percentile bill is $5,245, while the 75th percentile reaches $8,136 and the 90th percentile climbs to $12,738. The median tax bill in ZIP code 08823 is $6,164.
Compared with the national median property tax rate of 1.02% and the national median property tax bill of $2,400, homeowners in Franklin Park typically face much higher costs. That means even modest changes in assessed value can have a noticeable impact on annual housing expenses, making property taxes an important part of homeownership planning.
Property Tax Bills Across Franklin Park, Somerset County, New Jersey
Source: Ownwell
$4,926
$15,347
$25,768
Median Franklin Park Tax Bill
$6,164
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 Franklin Park, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08823 | $3,180 | $5,245 | $6,164 | $8,136 | $12,738 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 1 |
Links | |
|---|---|
| Somerset Tax Assessor | |
| Website | www.taxdatahub.com |