Riverdale, New Jersey Property Taxes
The median property tax rate in Riverdale, NJ is 1.76%, considerably higher than the national median of 0.99%, yet lower than the New Jersey state median of 2.82%. With the median home value in Riverdale at $332,850, the typical annual property tax bill reaches $5,771, exceeding the national median of $2,690. Property taxes in Riverdale 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 Riverdale'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 Riverdale 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
Riverdale, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$5,858
$5,436
Ownwell’s Riverdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverdale 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 Riverdale, New Jersey
Property taxes in Riverdale, 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 Riverdale is 1.76%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Riverdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverdale 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 Riverdale's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07457 zip code has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Riverdale provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverdale Tax Rate
1.76%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07457 | 1.62% | 1.71% | 1.76% | 1.82% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Riverdale, New Jersey
In Riverdale, 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 Morris 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 Riverdale, 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 Riverdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Riverdale is $332,850, with the 25th percentile tax bill at $4,724 and the 75th percentile tax bill at $6,921. The highest and lowest median tax bills are both $5,771 in the 07457 zip code.
Property Tax Assessment Values Across Riverdale, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Riverdale Assessed Value
$332,850
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07457 | $252,400 | $275,700 | $332,850 | $388,575 | $451,750 |
Source: Ownwell
Property Tax Bills Across Riverdale, New Jersey
In Riverdale, 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 Morris County tax assessor and represents a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to generate the annual property tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the home. In Riverdale, homeowners face a median property tax rate that is higher than the national median of 0.99%. For instance, the median home price is $332,850, and the tax bills range widely, with the 25th percentile at $4,724 and the 75th percentile reaching $6,921. The highest median tax bill in the area is $5,771, found in the zip code 07457. These property taxes significantly impact homeowners, influencing their overall cost of living and potentially affecting their financial planning and homeownership decisions.
Average Riverdale Tax Bill
$5,771
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverdale, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07457 | $4,167 | $4,724 | $5,771 | $6,921 | $8,001 |
Source: Ownwell