Far Hills, Somerset County, New Jersey Property Taxes

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

Median Far Hills, NJ effective property tax rate: 1.37%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Far Hills, NJ home value: $1,013,250
Median annual Far Hills, NJ tax bill: $16,853, $14,453 higher than the national median property tax bill of $2,400.

How are property taxes in Somerset calculated?

Property taxes in Far Hills, 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 Far Hills’ property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Far Hills, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Far Hills, Somerset County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.37%

Estimate Property Tax Bill

$13,882

$12,882

Ownwell’s Far Hills Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Far Hills with just two data points. By entering your property's estimated assessed value, our calculator applies Far Hills’ 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 Somerset County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Far Hills, Somerset County, New Jersey

Local government entities determine tax rates, which can vary significantly within a state. Each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.

In Far Hills, located in Somerset County, NJ, the effective property tax rate is 1.37%. This rate is higher than the national median property tax rate of 1.02%, reflecting the higher property values and budgetary requirements of the area. The median property tax bill in Far Hills aligns with the county's financial needs and local services, standing out when compared to the national median property tax bill of $2,400.

Understanding these rates can help property owners in Far Hills better anticipate their annual tax obligations and explore potential savings through property tax appeals or exemptions. By staying informed about local property tax trends, residents can make more strategic decisions regarding their real estate investments.

Property Tax Rates Across Far Hills, Somerset County, New Jersey

Source: Ownwell

1.35%

2.72%

4.08%

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 Far Hills Tax Rate

1.37%

Median Effective Somerset County Tax Rate

2.05%

Median Effective New Jersey Tax Rate

2.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Far Hills, Somerset County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07931	1.31%	1.33%	1.37%	2.01%	2.01%

Source: Ownwell

Property Tax Assessment Values Across Far Hills, Somerset County, New Jersey

When examining property taxes in Far Hills, 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 Somerset County Tax Assessor's Office 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 Somerset 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 Far Hills. For example, the median home price in Far Hills is $1,013,250, with tax bills ranging significantly across the county. The zip code 07931 has the highest median home price at $1,013,250.

Property Tax Assessment Values Across Far Hills, Somerset County, New Jersey

Source: Ownwell

$230,000

$621,625

$1,013,250

Median Far Hills Market Value

$1,013,250

Median Somerset County Market Value

$415,100

Median New Jersey Market Value

$282,900

Median United States Market Value

$235,294

Property Tax Assessment Values Across Far Hills, Somerset County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07931	$426,900	$597,250	$1,013,250	$1,531,075	$2,415,920

Source: Ownwell

Property Tax Bills Across Far Hills, Somerset County, New Jersey

In Far Hills, Somerset County, NJ, property tax bills are calculated by multiplying the assessed property value by the local tax rate. The assessed value is determined by the local tax assessor and is intended to reflect the property's market value. The median home price in Far Hills is $1,013,250, which significantly influences the tax bill. Homeowners in this area face a median tax bill of $16,853, considerably higher than the national median of $2,400. Factors such as property location, size, and improvements can affect the assessed value and, consequently, the tax bill. This substantial tax burden can be challenging for homeowners, making it essential to explore ways to reduce costs. Ownwell assists homeowners by offering property tax appeal and exemption services, helping to ensure that the assessed value is fair and accurate. By potentially lowering the assessed value, Ownwell can help homeowners reduce their tax bills, providing significant savings in a region where property taxes are notably high.

Property Tax Bills Across Far Hills, Somerset County, New Jersey

Source: Ownwell

$4,735

$12,659

$20,582

Median Far Hills Tax Bill

$16,853

Median Somerset County Tax Bill

$9,311

Median New Jersey Tax Bill

$8,227

Median United States Tax Bill

$2,400

Property Tax Bills Across Far Hills, Somerset County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07931	$5,856	$8,882	$16,853	$27,764	$36,933

Source: Ownwell