Property Tax Analysis for Somerset County, NJ
Property tax rates, assessment ratios, and appeal potential in Somerset County.
Effective Tax Rate
2.0%
Annual Tax Bill
$9,986
Monthly Escrow
$832
Tax Burden
7.6% of income
Tax Assessment Details
Current Assessment
Market Value$489,500
Est. Assessed Value$416,075
Assessment Ratio~85%
Effective Rate2.0%
Appeal Potential
Potential Annual Savings$1,498
5-Year Savings$7,490
vs National Averageabove (1.1%)
Appeal Success Rate~40-60%
About Property Taxes in Somerset County
Somerset County in New Jersey has an effective property tax rate of 2.0%, which is above the national average of 1.1%. On a median home value of $489,500, that translates to $9,986 annually or $832 per month in escrow.
Property tax assessments can often be successfully appealed. Our calculator models assessment ratios, comparable sales analysis, and appeal timing to estimate your potential savings with Monte Carlo simulation.
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