Property tax and home values in New Jersey
In 2024, New Jersey homeowners paid a median of $9,358 a year in property tax, and the median owner-occupied home was worth $496,000, according to the Census Bureau's American Community Survey. Dividing the tax by the value gives an effective rate of about 1.89% of the home's value each year.
That ranks New Jersey 2nd highest of the 50 states and DC, one of the highest rates in the country, and 112% higher than the US figure of 0.89%. The median home value is 38% above the US median of $360,600. On a $496,000 home, New Jersey's rate works out to about $9,374 a year, $4,960 a year more than the $4,414 it would pay at the national rate.
Example: the payment on a median New Jersey home
Take the median price of $496,000 with 20% down ($99,200), a $396,800 loan for 30 years, and an example rate of 6.5%. The 6.5% is only an example to show the math, not today's rate; type in the rate you're quoted.
With P = $396,800, i = 0.065 ÷ 12 and n = 360, principal and interest is $2,508.05 a month. Property tax at 1.89% adds $781.20 and insurance (assumed $1,800 a year) adds $150.00. With 20% down there's no PMI, so the full payment is $3,439.25 a month.
| Home price | 20% down | Principal and interest | Property tax | Monthly total |
|---|---|---|---|---|
| $375,000 | $75,000 | $1,896.20 | $590.63 | $2,636.83 |
| $496,000 (median) | $99,200 | $2,508.05 | $781.20 | $3,439.25 |
| $750,000 | $150,000 | $3,792.41 | $1,181.25 | $5,123.66 |
6.5% fixed for 30 years, 1.89% property tax and $1,800 a year of insurance. Totals include insurance.
Neighboring states
Property tax on the same $496,000 home at each state's effective rate:
| State | Effective tax rate | Median home value | Tax on a $496,000 home |
|---|---|---|---|
| New Jersey | 1.89% | $496,000 | $9,374 |
| New York | 1.45% | $449,800 | $7,192 |
| Pennsylvania | 1.16% | $277,600 | $5,754 |
| Delaware | 0.47% | $371,600 | $2,331 |
New Jersey has a higher rate than every state in this list. See every state in the mortgage calculator by state.
When these numbers don't fit your home
- The 1.89% is a statewide figure. Your county, city, school district and any homestead or senior exemption set your real bill, which can be well above or below it. Check the county assessor or the listing's tax history.
- It's a ratio of two medians (median tax ÷ median value), so it's a guide, not anyone's actual rate.
- Insurance varies a lot by location and home. $1,800 a year is just a starting assumption; get a quote.
- Survey figures carry a margin of error, and home values have moved since 2024.
Sources
- US Census Bureau, American Community Survey 2024 1-year estimates, table B25077: median value of owner-occupied homes
- US Census Bureau, American Community Survey 2024 1-year estimates, table B25103: median real estate taxes paid
- CFPB: What is private mortgage insurance?
This is an estimate for planning. Your lender's quote will use your actual rate, tax bill, insurance and fees. It isn't financial advice.