Riverside, New Jersey Property Taxes
The median property tax rate in Riverside, NJ is 3.92%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Riverside, the typical annual property tax bill reaches $6,035, exceeding the national median of $2,690. Property taxes in Riverside are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Riverside's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Riverside or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Riverside, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.92%
Estimate Property Tax Bill
$6,064
Ownwell’s Riverside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverside to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Riverside, New Jersey
Property taxes in Riverside, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverside is 3.92%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Riverside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverside estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Riverside's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08075 zip code has the highest median property tax rate of 3.92%, while the same zip code also has the lowest median tax rate of 3.92%. Understanding how these figures compare with Riverside provides valuable insights into the varying tax landscape across Burlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverside Tax Rate
3.92%
Average Burlington County Tax Rate
3.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverside, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08075 | 3.45% | 3.89% | 3.92% | 3.92% | 3.92% |
Source: Ownwell
Property Tax Assessment Values Across Riverside, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Riverside, NJ. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Burlington County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Riverside, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price in Riverside is $154,700, and the tax bills range significantly. The 25th percentile tax bill is $4,903, while the 75th percentile tax bill is $7,527, and the 90th percentile tax bill can reach up to $9,286. The zip code 08075 has the highest and lowest median tax bills, both at $6,035. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Riverside Assessed Value
$154,700
Average Burlington County Assessed Value
$210,600
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverside, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08075 | $104,380 | $126,100 | $154,700 | $194,900 | $255,040 |
Source: Ownwell
Property Tax Bills Across Riverside, New Jersey
In Riverside, NJ, property tax bills are calculated based on the assessed value of the home and the local tax rate set by Burlington County. The assessed value is determined by the county assessor and reflects the estimated market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $154,700, homeowners in Riverside can expect varying tax bills. The 25th percentile tax bill is around $4,903, while the 75th percentile tax bill reaches $7,527. At the 90th percentile, tax bills can go as high as $9,286. The highest and lowest median tax bills in the area both stand at $6,035, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Riverside's rates can significantly impact homeowners, making it crucial for residents to understand how their tax bills are determined and to explore potential exemptions or appeals to manage their expenses effectively.
Average Riverside Tax Bill
$6,035
Average Burlington County Tax Bill
$6,846
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverside, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08075 | $4,080 | $4,903 | $6,035 | $7,527 | $9,286 |
Source: Ownwell