Hopewell, Somerset County, New Jersey Property Taxes
Property Taxes in Hopewell, New Jersey
Median Hopewell, New Jersey effective property tax rate: 3.43%, significantly higher than the national median of 1.02%, and higher than the New Jersey state median of 2.88%.
Median Hopewell, New Jersey home value: $383,650
Median annual Hopewell, New Jersey tax bill: $13,152, $10,752 higher than the national median property tax bill of $2,400.
How are property taxes in Somerset calculated?
Property taxes in Hopewell, 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 Hopewell's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hopewell, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Hopewell, Somerset County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.43%
Estimate Property Tax Bill
$13,159
$12,211
How Does the Hopewell Property Tax Calculator Work?
Use this Hopewell property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Hopewell's median effective tax rate of 3.43% — based on actual property records in Somerset County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment 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 Hopewell'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 Hopewell: rates range from 3.43% in 08525 to 3.43% in 08525, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Hopewell.
About Hopewell Property Taxes
About Property Taxes in Hopewell, Somerset, New Jersey
Hopewell’s median effective property tax rate of 3.43% is higher than the New Jersey state median of 2.88% and higher than the national median of 1.02%. This rate reflects the Somerset County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Hopewell. Homeowners in the 08525 ZIP code carry a median effective rate of 3.43%, while those in the lowest ZIP code pay 3.43%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Somerset County. Understanding which part of Hopewell you live in can make a meaningful difference to your annual tax bill.
Hopewell 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 Hopewell, Somerset 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 Hopewell'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 Hopewell Tax Rate
3.43%
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 Somerset County Tax Rate
1.95%
Median Effective New Jersey Tax Rate
2.88%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Hopewell, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | 3.43% | 3.43% | 3.43% | 3.43% | 3.43% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell, Somerset County, New Jersey
When examining property taxes in Hopewell, 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 Somerset County assessment 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.
Assessment notices:
In Somerset County, assessment notices are sent in February each year. They'll typically reach your mailbox by the middle of February.
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 Hopewell.
For example, the median home price in Hopewell is $383,650, with tax bills ranging significantly across the county. 08525 has the highest median home price at $383,650.
Property Tax Assessment Values Across Hopewell, Somerset County, New Jersey
Source: Ownwell
$230,000
$696,925
$1,163,850
Median Hopewell Market Value
$383,650
Median Somerset County Market Value
$480,100
Median New Jersey Market Value
$288,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Hopewell, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | $300,360 | $325,400 | $383,650 | $448,125 | $1,043,290 |
Source: Ownwell
Property Tax Bills Across Hopewell, Somerset County, New Jersey
Property tax bills in Hopewell are based on the assessed value of a home and the local tax rate set by taxing authorities. The tax bill is determined by multiplying the home’s assessed value by the applicable rate, so changes in market value, assessment updates, and local budgets can all affect what homeowners owe.
With a median home price of $383,650, property taxes in Hopewell can be significant. The median tax bill is $13,152, which is far above the national median property tax bill of $2,400 and reflects a much heavier tax burden than the national median property tax rate of 1.02%. Bills also vary widely across the area, with the 25th percentile at $11,155 and the 75th percentile at $15,362.
For homeowners, this means property taxes can have a major impact on monthly housing costs and long-term affordability. Higher assessed values and local tax rates can quickly increase the amount due each year.
Median Hopewell Tax Bill
$13,152
Median Somerset County Tax Bill
$10,186
Median New Jersey Tax Bill
$8,638
Median United States Tax Bill
$2,400
Property Tax Bills Across Hopewell, Somerset County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | $10,296 | $11,155 | $13,152 | $15,362 | $35,764 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 1 |
Links | |
|---|---|
| Somerset Tax Assessor | |
| Website | www.taxdatahub.com |