Rio Grande, Cape May County, New Jersey Property Taxes
Median RIO GRANDE, NJ effective property tax rate: 1.72%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median RIO GRANDE, NJ home value: $267,609
Median annual RIO GRANDE, NJ tax bill: $4,521, $2,121 higher than the national median property tax bill of $2,400.
How are property taxes in Cape May calculated?
Property taxes in RIO GRANDE, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding RIO GRANDE’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in RIO GRANDE, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Rio Grande, Cape May County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.72%
Estimate Property Tax Bill
$4,603
$4,271
Property Tax Rates Across Rio Grande, Cape May County, New Jersey
Local government entities set tax rates, which can vary widely within a state. This is because each county estimates its required budget to provide services annually and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell.
In Rio Grande, located in Cape May County, NJ, the effective property tax rate is reflective of the county's fiscal needs and property values. Comparing Rio Grande's property tax rate to other cities in New Jersey and the U.S. reveals significant differences. New Jersey's median property tax rate is notably higher than the national median of 1.02%. This places a heavier financial burden on homeowners compared to the national average. Understanding these variations can help property owners make informed decisions about appealing their property tax assessments or seeking exemptions. By staying informed, homeowners can better navigate the complexities of property taxation and potentially reduce their tax liabilities.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Rio Grande Tax Rate
1.72%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Cape May County Tax Rate
1.07%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Rio Grande, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08242 | 1.64% | 1.72% | 1.72% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Rio Grande, Cape May County, New Jersey
When examining property taxes in RIO GRANDE, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cape May County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Cape May County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in RIO GRANDE. For example, the median home price in RIO GRANDE is $267,609, with tax bills ranging significantly across the county. 08242 has the highest median home price at $267,609.
Property Tax Assessment Values Across Rio Grande, Cape May County, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Median Rio Grande Market Value
$267,609
Median Cape May County Market Value
$477,646
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Rio Grande, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08242 | $180,137 | $215,330 | $267,609 | $297,709 | $345,357 |
Source: Ownwell
Property Tax Bills Across Rio Grande, Cape May County, New Jersey
Median Rio Grande Tax Bill
$4,521
Median Cape May County Tax Bill
$5,051
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Rio Grande, Cape May County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08242 | $3,066 | $3,652 | $4,521 | $5,103 | $5,843 |
Source: Ownwell