07514 Property Tax Rate

Property owners in ZIP code 07514 (Paterson, New Jersey) pay a median of $9,990/year in property taxes on homes valued at $314,400. This translates to an effective tax rate of 3.18%, which is 55% above the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 07514 is approximately $833, which factors into escrow payments on mortgages. This ZIP code is located within Passaic County. This is $1,393 more than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 07514 has lower property taxes. ZIP codes with similar effective rates include 08093 (3.18%) and 08031 (3.19%).

In Paterson, property taxes represent approximately 15.3% of the median household income of $65,492, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap; Passaic County assessments reset to market value at sale and may increase annually without limit. The Homestead Benefit Program offers tax relief for primary residences with household income ≤$150,000 (lower limits for seniors and disabled applicants) — file your application with the Passaic County Tax Board by June 1 to receive benefits. Register your primary residence address with the Passaic County Assessor within 30 days of closing to establish your baseline assessment.