Princeton, Mercer County, New Jersey Property Taxes
Property Taxes in Princeton, New Jersey
Median Princeton, New Jersey effective property tax rate: 2.51%, significantly higher than the national median of 1.02%, and lower than the New Jersey state median of 2.88%.
Median Princeton, New Jersey home value: $646,600
Median annual Princeton, New Jersey tax bill: $17,054, higher than the national median property tax bill of $2,400.
How are property taxes in Mercer calculated?
Property taxes in Princeton, New Jersey 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 April 13, 2026
Princeton, Mercer County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.51%
Estimate Property Tax Bill
$16,230
$15,061
How Does the Princeton Property Tax Calculator Work?
Use this Princeton property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Princeton's median effective tax rate of 2.51% — based on actual property records in Mercer County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Princeton's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Princeton: rates range from $11,705.00 in 08542 to $17,484.00 in 08540, primarily due to differences in school district levies and local assessment districts. Princeton's 2.51% median effective tax rate is higher than the New Jersey median of 2.88%, and the median tax bill of $17,054 is $14,654 higher than the state median.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Princeton.
About Princeton Property Taxes
About Property Taxes in Princeton, Mercer, New Jersey
Princeton's median effective property tax rate of 2.51% is lower than the New Jersey state median of 2.88% and higher than the national median of 1.02%. This rate reflects the Mercer County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city. Princeton’s median property tax bill of $17,054 is also higher than the national median property tax bill of $2,400.
Property tax rates are not uniform across Princeton. Homeowners in the 08540 ZIP code carry a median effective rate of 2.51%, while those in 08542 pay 2.51%. The median property tax bill is $17,484 in 08540 compared with $11,705 in 08542, showing how location within the same city can affect what homeowners owe.
Princeton homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the April 1, 2026 deadline each year. If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Princeton, Mercer County, New Jersey
As noted earlier, local government entities set 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.
Our median effective property tax rate (tax bill Ă· 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
2.51%
Our median effective property tax rate (tax bill Ă· 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
3.30%
Median Effective New Jersey Tax Rate
2.88%
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 | 2.51% | 2.51% | 2.51% | 2.94% | 2.94% |
| 08542 | 2.51% | 2.51% | 2.51% | 2.51% | 2.94% |
| 08544 | N/A | N/A | N/A | N/A | N/A |
| 08558 | N/A | N/A | N/A | N/A | N/A |
| 08560 | N/A | N/A | N/A | N/A | N/A |
| 08850 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Mercer County, New Jersey
When examining property taxes in Princeton, New Jersey, 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.
Assessment notices:
In Mercer County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of January.
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. Princeton’s median home price is $646,600, with tax bills ranging significantly across the county. Zip code 08540 has the highest median home price at $663,900.
Princeton’s median property tax bill is $17,054, far above the national median property tax bill of $2,400, and the county’s property tax burden reflects that higher assessed values can translate into substantial bills.
Property Tax Assessment Values Across Princeton, Mercer County, New Jersey
Source: Ownwell
$42,100
$567,900
$1,093,700
Median Princeton Market Value
$646,600
Median Mercer County Market Value
$217,000
Median New Jersey Market Value
$288,200
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 | $264,500 | $481,275 | $663,900 | $901,925 | $1,301,260 |
| 08542 | $231,900 | $344,500 | $459,200 | $669,100 | $922,480 |
| 08544 | N/A | N/A | N/A | N/A | N/A |
| 08558 | N/A | N/A | N/A | N/A | N/A |
| 08560 | N/A | N/A | N/A | N/A | N/A |
| 08850 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Princeton, Mercer County, New Jersey
Property tax bills in Princeton are based on the assessed value of a home and the local tax rate set by taxing authorities. For homeowners, the bill is determined by multiplying the assessed value by the applicable rate, so a higher assessed value generally means a higher tax bill. Property taxes help fund local services, which is why they can have a direct impact on household costs.
Princeton homeowners face bills that are well above the national median property tax bill of $2,400. With a median home price of $646,600, the typical tax burden is substantial, and bills vary widely across the city. The 25th percentile tax bill is $12,183, while the 75th percentile reaches $23,113. At the high end, the 90th percentile tax bill is $32,234.
Tax bills also differ by ZIP code. The highest median tax bill is $17,484 in 08540, while the lowest median tax bill is $11,705 in 08542.
Median Princeton Tax Bill
$17,054
Median Mercer County Tax Bill
$7,344
Median New Jersey Tax Bill
$8,638
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 | $7,563 | $12,747 | $17,484 | $23,610 | $32,714 |
| 08542 | $5,830 | $8,779 | $11,705 | $16,902 | $23,212 |
| 08544 | N/A | N/A | N/A | N/A | N/A |
| 08558 | N/A | N/A | N/A | N/A | N/A |
| 08560 | N/A | N/A | N/A | N/A | N/A |
| 08850 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 1 |
Links | |
|---|---|
| Mercer Tax Assessor | |
| Website | pip.mercercounty.org |