Riverton, New Jersey Property Taxes
The median property tax rate in Riverton, NJ is 3.65%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Riverton at $227,900, the typical annual property tax bill reaches $8,284, surpassing the national median of $2,690. Property taxes in Riverton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Riverton'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 Riverton 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
Riverton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.65%
Estimate Property Tax Bill
$8,318
Ownwell’s Riverton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverton 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 Riverton, New Jersey
Property taxes in Riverton, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverton is 3.65%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Riverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverton 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 Riverton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08077 zip code has the highest median property tax rate of 3.65%, while the same zip code also has the lowest median tax rate of 3.65%. Understanding how these cities compare with Riverton 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 Riverton Tax Rate
3.65%
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 Riverton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08077 | 3.65% | 3.65% | 3.65% | 3.65% | 3.65% |
Source: Ownwell
Property Tax Assessment Values Across Riverton, New Jersey
In Riverton, 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 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 Riverton, 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 Riverton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $8,284 in zip code 08077, which is also the lowest median tax bill, indicating a uniform tax rate in this region.
Average Riverton Assessed Value
$227,900
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 Riverton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08077 | $147,870 | $193,800 | $227,900 | $274,600 | $334,760 |
Source: Ownwell
Property Tax Bills Across Riverton, New Jersey
Property tax bills in Riverton, located in Burlington County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by local tax assessors and reflects a percentage of the property's market value. Homeowners in Riverton face a median property tax rate that is significantly higher than the national median of 0.99%. For instance, the median home price in Riverton is $227,900, leading to tax bills that vary widely. The 25th percentile of tax bills is $7,088, while the 75th percentile reaches $9,989, and the 90th percentile climbs to $12,205. These figures illustrate the substantial financial impact property taxes can have on Riverton homeowners. The highest and lowest median tax bills in the area are both recorded at $8,284 in the 08077 zip code. These tax obligations fund essential local services such as schools, public safety, and infrastructure, directly affecting the quality of life and community resources available to residents.
Average Riverton Tax Bill
$8,284
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 Riverton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08077 | $5,381 | $7,088 | $8,284 | $9,989 | $12,205 |
Source: Ownwell