Princeton, Mercer County, New Jersey Property Taxes
Median Princeton, NJ effective property tax rate: 2.43%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Princeton, NJ home value: $646,500
Median annual Princeton, NJ tax bill: $16,541, $14,141 higher than the national median property tax bill of $2,400.
How are property taxes in Mercer calculated?
Property taxes in Princeton, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Princeton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Princeton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Princeton, Mercer County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.43%
Estimate Property Tax Bill
$15,710
$14,578
Property Tax Rates Across Princeton, Mercer County, New Jersey
Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget annually to provide services and then dividing that budget by the total value of all taxable property within its jurisdiction. This results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the basic annual process.
In Princeton, located in Mercer County, New Jersey, the effective property tax rate stands out compared to other cities in the state and across the nation. With a median property tax rate significantly higher than the national median of 1.02%, Princeton residents face some of the highest property tax bills in the country. This high rate reflects the local government's commitment to maintaining quality public services and infrastructure. However, it also underscores the importance of property tax appeals and exemptions for homeowners seeking relief. By understanding the dynamics of property taxation in Princeton, homeowners can make informed decisions and potentially reduce their tax burdens.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Princeton Tax Rate
2.43%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Mercer County Tax Rate
3.25%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Princeton, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08540 | 2.43% | 2.43% | 2.43% | 2.88% | 2.88% |
| 08542 | 2.43% | 2.43% | 2.43% | 2.43% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Mercer County, New Jersey
When examining property taxes in Princeton, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Mercer County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Mercer County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Princeton. For example, the median home price in Princeton is $646,500, with tax bills ranging significantly across the county. Zip code 08540 has the highest median home price at $662,950.
Property Tax Assessment Values Across Princeton, Mercer County, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Median Princeton Market Value
$646,500
Median Mercer County Market Value
$216,500
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Princeton, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08540 | $264,440 | $475,550 | $662,950 | $905,025 | $1,314,700 |
| 08542 | $239,580 | $361,700 | $480,500 | $687,850 | $970,660 |
Source: Ownwell
Property Tax Bills Across Princeton, Mercer County, New Jersey
In Princeton, located in Mercer County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Mercer County assessor and reflects the market value of the property. Princeton homeowners face a median property tax bill significantly higher than the national median of $2400, with the 25th percentile at $11,872 and the 75th percentile at $22,584, indicating a substantial financial burden. Several factors influence the tax bill, including property improvements, neighborhood changes, and economic conditions. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting community quality and homeowner satisfaction.
Ownwell assists homeowners in reducing their property tax bills by providing expert property tax appeal services. Our team reviews your property's assessed value, identifies discrepancies, and files appeals on your behalf. By leveraging our expertise, homeowners can potentially lower their tax obligations, ensuring they only pay what is fair and justified.
Median Princeton Tax Bill
$16,541
Median Mercer County Tax Bill
$7,200
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Princeton, Mercer County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08540 | $7,416 | $12,368 | $16,988 | $23,098 | $32,228 |
| 08542 | $5,854 | $8,799 | $11,671 | $16,674 | $23,204 |
Source: Ownwell