Richland, New Jersey Property Taxes
The median property tax rate in Richland, NJ is 2.92%, 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 Richland at $201,900, the typical annual property tax bill reaches $5,860, exceeding the national median of $2,690. Property taxes in Richland are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Richland'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 Richland 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
Richland, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.92%
Estimate Property Tax Bill
$5,895
$5,471
Ownwell’s Richland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richland 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 Richland, New Jersey
Property taxes in Richland, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richland is 2.92%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Richland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richland 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 Richland's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08350 zip code has the highest median property tax rate of 2.92%, while the 08350 zip code also has the lowest median tax rate of 2.92%. Understanding how these cities compare with Richland provides valuable insights into the varying tax landscape across Atlantic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richland Tax Rate
2.92%
Average Atlantic County Tax Rate
3.23%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richland, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08350 | 2.92% | 2.92% | 2.92% | 2.92% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Richland, New Jersey
In Richland, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Atlantic 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 Richland, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Richland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Richland are both $5,860, found in the 08350 zip code.
Average Richland Assessed Value
$201,900
Average Atlantic County Assessed Value
$186,700
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richland, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08350 | $143,080 | $161,400 | $201,900 | $245,400 | $289,680 |
Source: Ownwell
Property Tax Bills Across Richland, New Jersey
In Richland, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors influence the assessed value, including the size, age, and condition of the property, as well as recent sales of comparable properties in the area. Homeowners in Richland can expect significant property tax bills, with the median tax bill being $5,860. This is considerably higher than the national median property tax rate of 0.99%, reflecting the relatively high property taxes in New Jersey. For example, tax bills at the 25th percentile are around $4,685, while those at the 75th percentile reach $7,142, and the 90th percentile can go up to $8,462. These property tax bills can have a substantial impact on homeowners, influencing decisions about buying, selling, or investing in property. High property taxes may also affect the overall affordability of living in Richland.
Average Richland Tax Bill
$5,860
Average Atlantic County Tax Bill
$5,716
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Richland, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08350 | $4,171 | $4,685 | $5,860 | $7,142 | $8,462 |
Source: Ownwell