07977 Property Tax Rate

Property owners in ZIP code 07977 (Peapack, New Jersey) pay a median of $10,001/year in property taxes on homes valued at $798,600. This translates to an effective tax rate of 1.25%, which is 39% below the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 07977 is approximately $833, which factors into escrow payments on mortgages. This ZIP code is located within Somerset County. This is $1,404 more than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 07977 has higher property taxes. ZIP codes with similar effective rates include 07079 (1.24%) and 08836 (1.27%).

New Jersey has no statewide property tax cap; Somerset County assessments are determined locally and may increase each year without statutory limitation. The Homestead Benefit Program provides tax credits for primary residences with household income ≤$150,000 (reduced thresholds apply for seniors and disabled owners) — file with the Somerset County Tax Board by the June 1 deadline to maximize relief. Contact the Somerset County Assessor immediately upon purchase to register your home and request verification of your assessed value.