08823 Property Tax Rate

Property owners in ZIP code 08823 (Franklin Park, New Jersey) pay a median of $5,059/year in property taxes on homes valued at $279,400. This translates to an effective tax rate of 1.81%, which is 11% below the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 08823 is approximately $422, which factors into escrow payments on mortgages. This ZIP code is located within Somerset County. This is $3,538 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 08823 has lower property taxes. ZIP codes with similar effective rates include 07834 (1.81%) and 07405 (1.81%).

In Franklin Park, property taxes represent approximately 4.6% of the median household income of $109,182, providing context for the relative tax burden on homeowners in this area.

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.