07901 Property Tax Rate

Property owners in ZIP code 07901 (Summit, New Jersey) pay a median of $10,001/year in property taxes on homes valued at $958,700. This translates to an effective tax rate of 1.04%, which is 49% below the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 07901 is approximately $833, which factors into escrow payments on mortgages. This ZIP code is located within Union County. This is $1,404 more than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 07901 has higher property taxes. ZIP codes with similar effective rates include 07627 (1.04%) and 07928 (1.04%).

In Summit, property taxes represent approximately 5.6% of the median household income of $177,986, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap; Union County assessments are set locally and reassess at sale with no guaranteed cap on future increases. Eligible homeowners earning ≤$150,000 (or ≤$75,000 if senior or disabled) may qualify for the Homestead Benefit Program — submit your application to the Union County Tax Board by June 1 each year. File a declaration of principal residence with the Union County Assessor's office within 30 days of purchase to lock in your baseline assessment value.