ZIP Code 07040

Households in ZIP code 07040, near Newark, report a median income of $173,500, with per-capita income at $76,292. A median home value of $720,700 pairs with a county-level effective property tax rate of 1.91%, a meaningful annual cost given that price point. Add the combined sales tax of 6.62% on purchases, and the overall picture reflects a higher-income area where housing and taxes both carry real weight. Buyers weighing a move here should factor the property tax bill into their budget alongside the mortgage itself, since it scales directly with the home's assessed value.