Richwood, New Jersey Property Taxes
The median property tax rate in Richwood, NJ is 2.71%, 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 Richwood at $364,838, the typical annual property tax bill reaches $9,937, far exceeding the national median of $2,690. Property taxes in Richwood 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 Richwood'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 Richwood 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
Richwood, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$9,887
Ownwell's Richwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richwood 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 Richwood, New Jersey
Property taxes in Richwood, 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 Richwood is 2.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richwood 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 Richwood's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08074 has the highest median property tax rate of 2.71%, while the same zip code also has the lowest median tax rate of 2.71%. Understanding how these cities compare with Richwood provides valuable insights into the varying tax landscape across Gloucester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richwood Tax Rate
2.71%
Average Gloucester County Tax Rate
2.83%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08074 | 2.60% | 2.64% | 2.71% | 2.78% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Richwood, New Jersey
In Richwood, New Jersey, understanding the distinction between "market value" and "assessed value" is essential for grasping 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 Gloucester 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 Richwood, 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. Richwood's median home price is $364,838, and property tax bills can vary significantly. The 25th percentile tax bill is $9,266, while the 75th percentile tax bill is $10,608. Notably, the highest and lowest median tax bills are both $9,937, found in the 08074 zip code. Being aware of these valuation processes in Richwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richwood Assessed Value
$364,838
Average Gloucester County Assessed Value
$246,529
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08074 | $340,440 | $349,589 | $364,838 | $380,088 | $389,237 |
Source: Ownwell
Property Tax Bills Across Richwood, New Jersey
In Richwood, 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 tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Richwood, the tax burden can vary significantly. The median home price in the area is $364,838, and property tax bills range from $9,266 at the 25th percentile to $11,011 at the 90th percentile. This means that even within the same city, homeowners may experience different tax obligations depending on their property's assessed value and specific tax rate. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Consequently, understanding how property taxes are calculated can help homeowners better manage their financial planning and anticipate annual expenses.
Average Richwood Tax Bill
$9,937
Average Gloucester County Tax Bill
$7,106
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Richwood, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08074 | $8,863 | $9,266 | $9,937 | $10,608 | $11,011 |
Source: Ownwell