Princeton, Middlesex County, New Jersey Property Taxes

Name: Property Tax Bills Across Princeton, Middlesex County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Princeton, NJ effective property tax rate: 5.02%, 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: $252,800
Median annual Princeton, NJ tax bill: $10,584, $8,184 higher than the national median property tax bill of $2,400.

How are property taxes in Middlesex County 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, Middlesex County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

5.02%

Estimate Property Tax Bill

$12,691

$11,776

Ownwell’s Princeton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Princeton with just two data points.

By entering your property's estimated assessed value, our calculator applies Princeton’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Middlesex.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Princeton, Middlesex County, New Jersey

Local government entities set property tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Princeton’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S.

Princeton, located in Middlesex County, stands out with a notably high median property tax rate of 5.02%, significantly surpassing the national median of 1.02%. This makes it one of the highest in the country. This stark difference highlights the regional disparities in property tax rates, influenced by local budgetary needs and property values. Understanding these differences can be crucial for homeowners and potential buyers in making informed decisions. Comparing Princeton's rate to the national average underscores the importance of considering local tax implications when assessing property affordability and overall cost of living.

Property Tax Rates Across Princeton, Middlesex County, New Jersey

Source: Ownwell

1.78%

7.20%

12.62%

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

5.02%

Median Effective Middlesex County Tax Rate

5.10%

Median Effective New Jersey Tax Rate

2.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Princeton, Middlesex County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
08540	2.51%	2.51%	5.02%	5.11%	5.11%

Source: Ownwell

Property Tax Assessment Values Across Princeton, Middlesex 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 Middlesex 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 Middlesex 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 $252,800, with tax bills ranging significantly across the county. 08540 has the highest median home price at $252,800.

Property Tax Assessment Values Across Princeton, Middlesex County, New Jersey

Source: Ownwell

$66,600

$322,300

$578,000

Median Princeton Market Value

$252,800

Median Middlesex County Market Value

$158,000

Median New Jersey Market Value

$282,900

Median United States Market Value

$235,294

Property Tax Assessment Values Across Princeton, Middlesex County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
08540	$155,300	$191,000	$252,800	$406,900	$489,230

Source: Ownwell

Property Tax Bills Across Princeton, Middlesex County, New Jersey

In Princeton, NJ, property tax bills are determined by the assessed value of a home, which is then multiplied by the local tax rate. This rate is set by local government authorities and funds essential services like schools, roads, and emergency services. Princeton's median property tax bill is significantly higher than the national median of $2,400, with homeowners often seeing bills around $10,584, reflecting both the area's higher home values and tax rates. Factors influencing your tax bill include the property's assessed value and any applicable exemptions or deductions. For homeowners, these high tax bills can be a substantial financial burden. Ownwell offers a solution by providing expert property tax appeal services that can help reduce your tax liability. Our team analyzes your property's assessment and market data to identify potential savings. By filing appeals and securing exemptions, Ownwell helps homeowners in Princeton potentially save thousands on their property tax bills, alleviating some of the financial strain associated with homeownership in the area.

Property Tax Bills Across Princeton, Middlesex County, New Jersey

Source: Ownwell

$4,686

$8,118

$11,549

Median Princeton Tax Bill

$10,584

Median Middlesex County Tax Bill

$7,840

Median New Jersey Tax Bill

$8,227

Median United States Tax Bill

$2,400

Property Tax Bills Across Princeton, Middlesex County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
08540	$5,170	$8,083	$10,584	$12,401	$14,578

Source: Ownwell