07078 Property Tax Rate

Property owners in ZIP code 07078 (Short Hills, New Jersey) pay a median of $10,001/year in property taxes on homes valued at $1,627,300. This translates to an effective tax rate of 0.61%, which is 70% below the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 07078 is approximately $833, which factors into escrow payments on mortgages. This ZIP code is located within Essex County. This is $1,404 more than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 07078 has higher property taxes. ZIP codes with similar effective rates include 08006 (0.61%) and 08247 (0.56%).

In Short Hills, property taxes represent approximately 4.0% of the median household income of $250,001, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap and assesses property at full market value; Essex County revaluations reset assessed value to current market conditions when you purchase. New Jersey's Homestead Benefit Program provides critical tax relief for primary residence owners earning ≤$150,000 per year—apply through Essex County within 45 days of closing with documentation of income and residency to cap your annual assessment increases. Contact the Essex County Assessor's office immediately after purchase to submit your homestead application, as this program typically saves qualifying homeowners $600–$1,500 annually and is one of the few tax relief mechanisms available in New Jersey.