Property Taxes in New Jersey
New Jersey's effective property tax rate is 1.77%, ranking #49 out of 50 states (1 = lowest). The median annual property tax paid is $8,797.
New Jersey has the highest effective property tax rate in the nation, with the average homeowner paying over $9,000 annually. Some Bergen County and Essex County towns have effective rates exceeding 3% of market value, meaning a $500,000 home can carry $15,000+ in annual property taxes. New Jersey offers a Homestead Benefit program (formerly the homestead rebate) that provides a credit on property tax bills for qualifying homeowners, and the Senior Freeze program locks property tax amounts for eligible seniors and disabled persons.
By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Tax Foundation, U.S. Census
Tax Rate
1.77%
Median Annual Tax
$8,797
National Rank
#49 of 50
1 = lowest
Homestead Exemption
No
Annual Property Tax by Home Price
| Home Price | Annual Tax | Monthly |
|---|---|---|
| $200,000 | $3,540 | $295 |
| $300,000 | $5,310 | $443 |
| $400,000 | $7,080 | $590 |
| $500,000 | $8,850 | $738 |
| $750,000 | $13,275 | $1,106 |
* Based on the average effective rate of 1.77%. Actual rates vary by county and municipality.
Homestead Exemption in New Jersey
New Jersey does not offer a general homestead exemption for property tax purposes. However, there may be other tax credits or exemptions available for seniors, veterans, or disabled homeowners.
How New Jersey Compares
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