Elizabeth, NJ — income, home value, property tax, and sales tax.
In ZIP 07901, near Elizabeth, homes carry a median value of $987,900, and the county-level property tax rate of 1.89% works out to roughly $18,671 a year in taxes on a home at that price. Households here earn a median of $179,701, with per-capita income at $110,520, so that tax bill equals about 10% of median household earnings. Combined with a 6.62% sales tax, carrying costs add up quickly. Even with strong incomes, buyers weighing a purchase in this ZIP should expect property taxes to be a significant line item.
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