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2025 general tax rate · Somerset County, NJ
Peapack-Gladstone property tax rate
Peapack-Gladstone's 2025 general tax rate is $1.577 per $100 of assessed value. A property assessed at $300,000 owes $4,731.00 for the year. That ranks 503rd highest of New Jersey's 564 municipalities, in the lowest quarter, $1.380 per $100 below the $2.960 per $100 state median.
- 1General tax rate $1.577 per $100
- 2Bill on $300,000 assessed $4,731.00
Your Peapack-Gladstone tax bill
The bill before exemptions and credits. Compare every New Jersey rate.
General rate and effective rate in Peapack-Gladstone
New Jersey publishes two rates for every municipality. The general tax rate, $1.577 per $100 in Peapack-Gladstone, is the one applied to the assessed value on the bill: $300,000 assessed owes $4,731.00. The effective tax rate, $1.631 per $100, is "the general property tax adjusted by the municipality's equalization ratio", the rate on market value. Dividing one by the other puts Peapack-Gladstone's assessments at about 103.42% of market value, above market value on average; the state median is 70.02%.
The effective rate is the fairer comparison between towns. On it Peapack-Gladstone ranks 456th of 564, against 503rd on the general rate, and sits $0.510 below the $2.140 median effective rate. At 103.42%, a $300,000 assessment corresponds to roughly $290,079 of market value.
Peapack-Gladstone's rate in 2024 and 2025
The general tax rate fell $0.130 per $100 (7.62%) from $1.707 per $100 in 2024, and the same $300,000 assessment owes $390.00 less than at last year's rate. In 2024 Peapack-Gladstone ranked 492nd. The effective rate went from $1.698 to $1.631 per $100 (down 3.95%), and the implied ratio from 99.47% to 103.42%.
Tax on common assessed values in Peapack-Gladstone
| Assessed value | 2025 bill | At the 2024 rate | Versus NJ median rate |
|---|---|---|---|
| $200,000 | $3,154.00 | $3,414.00 | −$2,766.00 |
| $300,000 | $4,731.00 | $5,121.00 | −$4,149.00 |
| $400,000 | $6,308.00 | $6,828.00 | −$5,532.00 |
| $500,000 | $7,885.00 | $8,535.00 | −$6,915.00 |
| $750,000 | $11,827.50 | $12,802.50 | −$10,372.50 |
Each bill is the assessed value divided by 100 and multiplied by $1.577, before exemptions, credits or special charges. These are assessed values, not sale prices: at 103.42% the $300,000 row is a property worth about $290,079. The last column is the difference from the same assessment at the $2.960 per $100 state median.
How Peapack-Gladstone compares in Somerset County and New Jersey
Among the 21 municipalities in Somerset County, Peapack-Gladstone ranks 19th highest; the county median is $2.081 per $100, so Peapack-Gladstone sits $0.500 per $100 below it. The next higher rate in the county is Franklin Township (Somerset County) at $1.678, and the next lower is Bedminster Township at $1.204. Statewide, 10% of municipalities have a lower general tax rate than Peapack-Gladstone.
Outside Somerset County, the closest rates are Ocean Township (Ocean County) ($1.578, Ocean), Belmar ($1.570, Monmouth), North Wildwood ($1.585, Cape May), Carteret ($1.568, Middlesex). Because towns assess at different shares of market value, the effective rate is the better guide to what a house of a given price pays.
Appealing a Peapack-Gladstone assessment
New Jersey appeals go to the Somerset County Board of Taxation. The petition is due April 1, or May 1 in a year when Peapack-Gladstone implemented a municipal-wide revaluation or reassessment (NJ Division of Taxation). Property assessed above $1,000,000 may go directly to the Tax Court, and a County Board judgment can be appealed to the Tax Court within 45 days. The Board tests the assessment against the common level range: the average ratio plus or minus 15%. Using the 103.42% ratio implied by the state's two rates, that range runs from about 87.91% to 118.93% of market value; the Director's official average ratio for Peapack-Gladstone, which the County Board applies, can differ slightly.
The New Jersey appeal page sets out each step with its source and the ratio arithmetic. This is a summary of the published procedure, not legal advice.
Peapack-Gladstone property tax questions
What is the property tax rate in Peapack-Gladstone, NJ?
Peapack-Gladstone's 2025 general tax rate is $1.577 per $100 of assessed value; its effective rate, on market value, is $1.631 per $100. Source: New Jersey Division of Taxation.
How much is the property tax on a $300,000 assessment in Peapack-Gladstone?
$300,000 ÷ 100 × $1.577 = $4,731.00 a year, before exemptions and credits. At the 2024 rate the same assessment owed $5,121.00.
Is Peapack-Gladstone's tax rate high for New Jersey?
It ranks 503rd highest of 564, in the lowest quarter of New Jersey municipalities; the median is $2.960 per $100. On the effective rate, which allows for different assessment levels, it ranks 456th.
How do I appeal a Peapack-Gladstone property assessment?
Petition to the County Board of Taxation: by April 1 (May 1 after a municipal-wide revaluation) (NJ Division of Taxation; Guide to Tax Appeal Hearings). Then: county board hearing and judgment (Set by the County Board); appeal to the tax court (Within 45 days of the County Board's judgment).
Source: New Jersey Division of Taxation, 2025 General Tax Rates (general and effective tax rates by county and municipality); prior year from the 2024 General Tax Rates. Appeal steps: NJ Division of Taxation, Assessment and Appeals (updated August 15, 2025); NJ Division of Taxation, A Guide to Tax Appeal Hearings (revised 2022). Last checked October 21, 2026. This page explains published figures; it is not tax or legal advice.