New Jersey housing costs at a glance
| New Jersey | |
|---|---|
| Median home value (Zillow) | $584,000 |
| Average effective property tax | 1.68% |
| Typical rate for a new buyer (calculator default) | 1.9% |
| Average homeowners insurance ($300k dwelling) | $1,224 a year |
| 2026 conforming loan limit (one unit) | $832,750 in South Jersey; $1,249,125 in the northern counties that belong to the New York City area (for example Bergen, Essex, Hudson, Middlesex, Monmouth, Morris and Union) |
Example: median-priced home
New Jersey home for $584,000, 20% down, 6.5% 30-year fixed: principal and interest $2,953 + property tax $925 + insurance $102 = about $3,980 a month. Enter your own rate quote and the actual tax rate of the property for a precise figure.
New Jersey property tax
New Jersey homeowners pay the highest property taxes in the country, on average about $9,800 a year, or an effective rate of about 1.68% of value. Rates differ a lot between the state's 500-plus municipalities, from under 1.5% in some shore towns to over 3% in parts of Essex, Camden and Passaic counties. Look up the property's last tax bill before you make an offer. Relief programs include ANCHOR payments for homeowners and, for seniors, Stay NJ and the Senior Freeze.
Other New Jersey costs
- Realty transfer fee: a graduated fee of roughly 0.4%–1% of the price, paid by the seller.
- Mansion tax: an additional tax applies to residential sales of $1 million or more.
- Insurance: relatively cheap, about $1,220 a year for $300,000 of dwelling coverage, but flood insurance is often needed near the shore.
Other states
See also the New Jersey paycheck calculator and mortgage costs in other states.
Frequently asked questions
What is the average property tax in New Jersey?
About $9,800 a year per home in 2024, the highest of any state, or roughly 1.68% of home value.
What is the monthly payment on a median-priced New Jersey home?
On a $584,000 home with 20% down at 6.5%, principal and interest are about $2,953; property tax at 1.9% adds about $925 a month, for a total of about $3,980.
Who pays the realty transfer fee in New Jersey?
The seller pays the realty transfer fee; homes selling for $1 million or more are also subject to the mansion tax.
Is there property tax relief in New Jersey?
Yes: the ANCHOR program for homeowners and renters, and for seniors the Stay NJ benefit and the Senior Freeze.
For information only; not a loan offer. Property tax, insurance and closing costs depend on the specific property and lender.
Sources
- NJ Division of Taxation – property tax relief
- FHFA – 2026 conforming loan limits
- U.S. Census Bureau ACS 2024 – real estate taxes (via NAHB / Construction Coverage)
- Zillow Home Value Index
- Insurify – home insurance by state
Rules checked: October 2026