River Edge, New Jersey Property Taxes
The median property tax rate in River Edge, NJ is 3.70%, 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 River Edge at $366,300, the typical annual property tax bill reaches $13,549, far exceeding the national median of $2,690. Property taxes in River Edge 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 River Edge'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 River Edge 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
River Edge, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.7%
Estimate Property Tax Bill
$13,553
$12,577
Ownwell’s RIVER EDGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RIVER EDGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RIVER EDGE 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 River Edge, New Jersey
Property taxes in River Edge, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in River Edge is 3.70%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within River Edge set these rates annually, and they can vary significantly across different neighborhoods. Each year, River Edge 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 River Edge's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07661 has the highest median property tax rate of 3.70%, while the same zip code also has the lowest median tax rate of 3.70%. Understanding how these cities compare with River Edge provides valuable insights into the varying tax landscape across Bergen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average River Edge Tax Rate
3.70%
Average Bergen County Tax Rate
2.73%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across River Edge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07661 | 3.70% | 3.70% | 3.70% | 3.70% | 3.70% |
Source: Ownwell
Property Tax Assessment Values Across River Edge, New Jersey
In River Edge, 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 Bergen 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 River Edge, 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 River Edge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In River Edge, the zip code with the highest and lowest median tax bill is 07661, with a median tax bill of $13,549.
Property Tax Assessment Values Across River Edge, New Jersey
Source: Ownwell
$172,100
$10,136,050
$20,100,000
Average River Edge Assessed Value
$366,300
Average Bergen County Assessed Value
$421,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across River Edge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07661 | $292,290 | $327,100 | $366,300 | $421,850 | $530,500 |
Source: Ownwell
Property Tax Bills Across River Edge, New Jersey
In River Edge, Bergen County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and ideally reflects the market value of the property. Homeowners in River Edge face a median property tax bill of $13,549, significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and any improvements made. For instance, homes in the 25th percentile have tax bills around $12,093, while those in the 75th percentile see bills closer to $15,573. The top 10% of homes can experience tax bills as high as $19,629. These high property taxes can impact homeowners by increasing the cost of homeownership, potentially affecting affordability and resale values. Understanding how these factors interplay is crucial for homeowners aiming to manage their financial obligations effectively.
Average River Edge Tax Bill
$13,549
Average Bergen County Tax Bill
$11,253
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across River Edge, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07661 | $10,811 | $12,093 | $13,549 | $15,573 | $19,629 |
Source: Ownwell