07416 Property Tax Rate

Property owners in ZIP code 07416 (Franklin, New Jersey) pay a median of $7,202/year in property taxes on homes valued at $263,600. This translates to an effective tax rate of 2.73%, which is 34% above the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 07416 is approximately $600, which factors into escrow payments on mortgages. This ZIP code is located within Sussex County. This is $1,395 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 07416 has higher property taxes. ZIP codes with similar effective rates include 08302 (2.73%) and 07065 (2.73%).

In Franklin, property taxes represent approximately 7.9% of the median household income of $90,869, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap; Sussex County assessments may rise annually with no state-mandated limit, and your property will be reassessed at current market value if you sell. The Homestead Benefit Program provides relief for primary residences owned by households earning ≤$150,000 (or ≤$75,000 for seniors and disabled applicants) — apply to the Sussex County Tax Board by June 1. File your homeowner declaration with the Sussex County Assessor within 30 days of closing to establish documentation of principal residence.