Somerset, Somerset County, New Jersey Property Taxes
Median Somerset, NJ effective property tax rate: 2.04%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Somerset, NJ home value: $380,700
Median annual Somerset, NJ tax bill: $7,528, $5,128 higher than the national median property tax bill of $2,400.
How are property taxes in Somerset calculated?
Property taxes in Somerset, 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 Somerset’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Somerset, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Somerset, Somerset County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.04%
Estimate Property Tax Bill
$7,766
$7,207
Property Tax Rates Across Somerset, Somerset County, New Jersey
Local government entities set tax rates, which can vary widely within a state. 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.
In Somerset, NJ, the effective property tax rate stands out when compared to other areas. The median property tax rate here is significantly higher than the national median rate of 1.02%. This means homeowners in Somerset are paying more in property taxes relative to the national average. Such a high rate can be attributed to the county's budget needs and the total assessed property values.
For residents and potential property buyers in Somerset, understanding these tax rates is crucial as they impact overall housing costs. Comparing Somerset’s tax rate with other cities in New Jersey and the national median offers valuable insights into how property taxes can vary significantly, affecting financial decisions related to property ownership.
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 Tax Rate
2.04%
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 Somerset, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08873 | 1.85% | 2.03% | 2.04% | 2.05% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Somerset County, New Jersey
When examining property taxes in Somerset, 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.
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 Somerset. For example, the median home price in Somerset is $380,700, with tax bills ranging significantly across the county. The 08873 zip code has the highest median home price at $380,700.
Property Tax Assessment Values Across Somerset, Somerset County, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Median Somerset Market Value
$380,700
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 Somerset, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08873 | $261,000 | $301,200 | $380,700 | $465,500 | $580,790 |
Source: Ownwell
Property Tax Bills Across Somerset, Somerset County, New Jersey
Median Somerset Tax Bill
$7,528
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 Somerset, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08873 | $5,073 | $6,014 | $7,528 | $9,269 | $11,709 |
Source: Ownwell