Property Taxes in Princeton, New Jersey
Median Princeton, New Jersey effective property tax rate: 3.43%, significantly higher than the national median of 1.02%, and higher than the New Jersey state median of 2.88%.
Median Princeton, New Jersey home value: $456,900
Median annual Princeton, New Jersey tax bill: $12,096, $9,696 higher than the national median property tax bill of $2,400.
How are property taxes in Somerset calculated?
Property taxes in Princeton, 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 Princeton's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Princeton, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Princeton Property Tax Calculator Work?
Use this Princeton property tax calculator to estimate your annual property tax bill. Enter your property’s assessed value and our calculator applies Princeton’s median effective tax rate of 3.43% — based on actual property records in Somerset County — to generate your estimate.
Enter your property’s estimated assessed value — the figure the local assessor uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home’s market value. Our calculator applies Princeton’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 Princeton: rates range from 3.43% in 08540 to 3.43% in 08540, primarily due to differences in school district levies and local assessment districts.
Princeton’s median property tax bill is $12,096, which is higher than the $2,400 national median property tax bill and higher than New Jersey’s median property tax bill by $9,696. For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Princeton.
About Princeton Property Taxes
About Property Taxes in Princeton, Somerset, New Jersey
Princeton’s median effective property tax rate of 3.43% is higher 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 Princeton. Homeowners in the 08540 ZIP code carry a median effective rate of 3.43%, while those in the same ZIP also pay the same rate. This reflects how school district boundaries and local assessment districts are drawn across Somerset County. Understanding which part of Princeton you live in can make a meaningful difference to your annual tax bill.
Princeton 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 Princeton, 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 Princeton'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 Ă· 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 Princeton Tax Rate
3.43%
Our median effective property tax rate (tax bill Ă· 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 Princeton, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08540 | 1.80% | 1.80% | 3.43% | 3.43% | 3.43% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Somerset County, New Jersey
When examining property taxes in Princeton, 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 tax assessor 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. For example, the median home price in Princeton is $456,900, and the median tax bill is $12,096. The highest median home price is in 08540 at $456,900.
Property Tax Assessment Values Across Princeton, Somerset County, New Jersey
Source: Ownwell
$230,000
$696,925
$1,163,850
Median Princeton Market Value
$456,900
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 Princeton, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08540 | $278,400 | $339,800 | $456,900 | $709,200 | $824,300 |
Source: Ownwell
Property Tax Bills Across Princeton, Somerset County, New Jersey
Property tax bills in Princeton are calculated by applying the local tax rate to a home’s assessed value, not its market price. The assessed value is determined by the local tax assessor and is used to estimate how much tax a homeowner owes each year. Factors such as the property’s location, size, condition, and any improvements can influence the assessment.
With a median home price of $456,900, property taxes in Princeton are a major cost for many homeowners. The median tax bill is $12,096, and bills can vary widely depending on the assessment and applicable tax rates. For example, tax bills range from $9,802 at the 25th percentile to $14,768 at the 75th percentile, with the 90th percentile reaching $16,109.
Because property taxes are based on assessed value, even small changes in valuation can affect a homeowner’s bill. That makes it important for homeowners to understand how their property is assessed and how local tax rates are applied.
Median Princeton Tax Bill
$12,096
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 Princeton, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08540 | $8,453 | $9,802 | $12,096 | $14,768 | $16,109 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 1 |
Links | |
|---|---|
| Somerset Tax Assessor | |
| Website | www.taxdatahub.com |