Summit, Union County, New Jersey Property Taxes
Median Summit, NJ effective property tax rate: 4.32%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Summit, NJ home value: $339,850
Median annual Summit, NJ tax bill: $14,820, $12,420 higher than the national median property tax bill of $2,400.
How are property taxes in Union County calculated?
Property taxes in Summit, 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 Summit’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Summit, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Summit, Union County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
4.32%
Estimate Property Tax Bill
$14,682
$13,624
Property Tax Rates Across Summit, Union County, New Jersey
Local government entities set tax rates, which can vary widely within a state. 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 Summit, Union County, NJ, the effective property tax rate stands out significantly when compared to other cities in New Jersey and even more so against the national median. New Jersey is known for having some of the highest property tax rates in the country, and Summit is no exception. This can be attributed to the state's commitment to funding quality public services and education.
Despite the higher rates, many residents find value in the robust services and community amenities provided. For homeowners in Summit, understanding these rates is crucial, as they directly impact annual property tax bills. Comparing Summit's rate to the national median highlights the importance of effective tax appeal strategies to potentially lower these costs and maximize savings.
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 Summit Tax Rate
4.32%
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 Union County Tax Rate
6.95%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Summit, Union County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07901 | 4.32% | 4.32% | 4.32% | 4.32% | 4.32% |
| 07041 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Summit, Union County, New Jersey
When examining property taxes in Summit, 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 Union County Tax Assessor's Office 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 Union County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Summit.
For example, the median home price in Summit is $339,850, with tax bills ranging significantly across the county. Zip code 07901 has the highest median home price at $339,800.
Property Tax Assessment Values Across Summit, Union County, New Jersey
Source: Ownwell
$54,000
$394,450
$734,900
Median Summit Market Value
$339,850
Median Union County Market Value
$138,900
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Summit, Union County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07901 | $164,300 | $225,600 | $339,800 | $540,400 | $765,060 |
| 07041 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Summit, Union County, New Jersey
Median Summit Tax Bill
$14,820
Median Union County Tax Bill
$10,366
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Summit, Union County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07901 | $7,071 | $9,709 | $14,820 | $23,333 | $33,133 |
| 07041 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell