Updated · Property tax data: Census ACS 2024 5-year estimates · Transfer tax verified April 2026 · Methodology · Editorial policy
Somerset County's 1.81% effective property tax rate ranks 141st highest among the 3,134 US counties tracked, placing it in the top 5% highest nationally. Within New Jersey's 21 counties, it's the 7th lowest. On the county's median home value of $552,100, the typical homeowner pays $10,001 annually in property tax, $8,372 more than the national median of $1,629. At closing, New Jersey's 0.78% combined real estate transfer tax adds roughly $4,306 on a median-priced home, typically paid by the seller. FEMA data shows 26.8% of the county's land area sits within a Special Flood Hazard Area, a high exposure level that may trigger mandatory flood insurance on mortgaged properties.
Enter any purchase price to see the full cost breakdown for Somerset County.
High flood risk. Flood insurance likely required by your lender. Verify the flood zone at msc.fema.gov.
All figures are estimates for planning purposes only. Mortgage payment assumes a 30-year fixed rate of 7.28%, the Freddie Mac PMMS average for the week ending October 1, 2026. Your lender will confirm the actual rate. Closing costs vary by lender and transaction. Consult a licensed real estate attorney and lender before making any financial decisions.
Ways buyers in Somerset County may reduce their annual property tax. These programs apply statewide; verify county specifics with your local assessor.
Direct property tax relief for NJ homeowners with 2024 income ≤$250,000 (renters up to $150,000). Benefits scale by income and age, paid as check or direct deposit.
View official source →Senior Freeze reimburses eligible seniors (65+) for property tax increases above base year; 2025 income limit $172,475. Stay NJ adds 50% property tax credit (up to $6,500) for seniors with income under $500,000. PAS-1 unifies all three.
View official source →$250 annual deduction for honorably discharged veterans with active-duty service. Full exemption for veterans with 100% permanent service-connected disability on primary residence.
View official source →$250 annual deduction for residents 65+ or permanently disabled with annual income ≤$10,000 (excluding Social Security or federal/state pension).
View official source →Last verified April 2026. Exemption amounts and eligibility change frequently. Always confirm with your county assessor before claiming.
Answers to common questions about buying a home in Somerset County.
The effective property tax rate in Somerset County is 1.81%, calculated as the median annual property tax paid ($10,001) divided by the median home value ($552,100), using 2024 US Census ACS 5-year estimates. Your actual bill depends on your purchase price, homestead or senior exemptions, and any special assessments applied in your taxing district.
New Jersey's combined real estate transfer tax is approximately 0.78% of the purchase price. On the median Somerset County home value of $552,100, this adds roughly $4,306 at closing. Graduated Realty Transfer Fee, seller-paid: approximately $2.00–$6.05 per $500 depending on price tier (≈0.78% effective at median ~$400k). Effective July 10, 2025, the former 'Mansion Tax' on sales over $1M shifted from buyer to seller with new rates: 1% ($1M–$2M), 2% ($2M–$2.5M), 2.5% ($2.5M–$3M), 3% ($3M–$3.5M), 3.5% (over $3.5M).
Partially. 26.8% of Somerset County's land area lies within a FEMA Special Flood Hazard Area. Whether flood insurance is required depends on your specific property. Check msc.fema.gov before making an offer.
Closing costs for a buyer in Somerset County typically run $11,042–$27,605 (2–5% of purchase price) on a median-priced home, including title insurance ($800–$2,000), appraisal ($400–$700), home inspection ($350–$600), recording fees ($100–$300), and loan origination (0.5–1.0% of the loan amount). Use the calculator above for a specific estimate at your purchase price.
Every county-specific figure on this page links to the exact public dataset it comes from. Verify the numbers yourself against the original source.
Source for the $10,001/yr median taxes paid (ACS 2024 5-year estimates, variable B25103_001E).
Source for the $552,100 median home value (variable B25077_001E). The 1.81% effective rate is median taxes paid divided by median home value.
Source for the transfer tax used in the calculator (buyer 0.00%, seller 0.78%). Verified April 2026.
Source for the county's flood hazard exposure (coastal and inland flood exposure area as a share of county area).
The national dataset behind the county report, including its technical documentation and release notes.
Look up a specific property's flood zone and insurance rate map before making an offer on a home in Somerset County.
Closing cost line items are national ranges, not county data. The methodology lists each range's source and the calculator's assumptions (mortgage rate, insurance, PMI).
New Jersey property tax exemptions: official sources
Verified April 2026.
What every buyer should read before making an offer.
An HOA capped rentals at 10 of 50 homes and grandfathered the existing landlords. How to find rental restrictions before closing, and what they cost you.
Read the guide →A buyer closed on a house and only then found out about ongoing HOA lawsuits. Six checks you can run yourself before your contingencies expire.
Read the guide →HOA special assessment not on the disclosure? One buyer got a $15,000 bill the day after closing. How to catch it before, and what to do after.
Read the guide →