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New Jersey at a glance
- Effective property tax
- 1.89%
- Rank (1 = highest)
- 2nd of 51
- Median home value
- $496,000
- Median tax bill
- $9,358/yr
On the same $400,000 home, property tax in New Jersey adds about $630.00/month, versus $296.67/month at the national rate.
New Jersey mortgage payments by home price
| Home price | Principal & interest | Property tax | Total / month |
|---|---|---|---|
| $250,000 | $1,264.14 | $393.75 | $1,807.89 |
| $375,000 | $1,896.20 | $590.63 | $2,636.83 |
| $500,000 | $2,528.27 | $787.50 | $3,465.77 |
| $750,000 | $3,792.41 | $1,181.25 | $5,123.66 |
| $1,000,000 | $5,056.54 | $1,575.00 | $6,781.54 |
20% down, 6.5% 30-year fixed (example rate), 1.89% property tax, $1,800/yr insurance, no HOA. Also see: how much house you can afford in New Jersey.
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Assumptions
- Fixed interest rate for the full term.
- Property tax, insurance and HOA stay constant (in reality they usually rise over time).
- PMI applies only when the loan is over 80% of the home price, and stops once the balance reaches 78% of the original price.
- Extra payments go entirely to principal.
- New Jersey figures: Effective rate = ACS median real estate taxes paid ÷ ACS median value, owner-occupied housing units, by state. Source: US Census Bureau ACS 2024.
Frequently asked questions
What is the property tax rate in New Jersey?+
The effective property tax rate in New Jersey is about 1.89% of home value a year (median taxes paid $9,358 on a median home worth $496,000). That's the 2nd highest of 50 states and DC, and higher than the national 0.89%. Your actual bill depends on your county, city and exemptions.
What's the mortgage payment on a median-priced home in New Jersey?+
For a $495,000 home with 20% down at an example 6.5% 30-year rate, the payment is about $3,432.62 a month, including $779.63 of property tax and $150.00 of insurance.
How much income do I need to buy a home in New Jersey?+
To afford the median New Jersey home ($495,000) under the 28/36 guideline with 10% down and no other debts, you'd need roughly $169,000 a year in gross income at a 6.5% rate.
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Last reviewed October 14, 2026. Calculator version 1.0.0. Sources: US Census Bureau, ACS 2024 1-year, Table B25103 (Median Real Estate Taxes Paid) · US Census Bureau, ACS 2024 1-year, Table B25077 (Median Value, Owner-Occupied). Results are estimates for educational purposes, not financial, tax or lending advice. How we check our numbers.