Riverdale, Morris County, New Jersey Property Taxes

Name: Property Tax Bills Across Riverdale, Morris County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Riverdale, NJ effective property tax rate: 1.76%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Riverdale, NJ home value: $332,850
Median annual Riverdale, NJ tax bill: $5,771, $3,371 higher than the national median property tax bill of $2,400.

How are property taxes in Morris calculated?

Property taxes in Riverdale, 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 Riverdale’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Riverdale, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Riverdale, Morris County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.76%

Estimate Property Tax Bill

$5,858

$5,436

Ownwell’s Riverdale Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Riverdale with just two data points. By entering your property's estimated assessed value, our calculator applies Riverdale’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Morris County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Riverdale, Morris County, New Jersey

As noted earlier, local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services 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, in a nutshell, this is the annual process. Below, you can compare Riverdale’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S. Riverdale, located in Morris County, faces a property tax rate significantly higher than the national median. This reflects the broader trend in New Jersey, where property taxes tend to exceed national averages. Such a high rate underscores the importance of understanding the local tax landscape and exploring potential avenues for appeals or exemptions. By doing so, property owners can ensure they are not overburdened and are paying a fair share relative to their property's assessed value. This proactive approach can lead to substantial savings over time, especially in areas with elevated tax rates like Riverdale.

Property Tax Rates Across Riverdale, Morris County, New Jersey

Source: Ownwell

1.11%

2.23%

3.36%

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 Riverdale Tax Rate

1.76%

Median Effective Morris County Tax Rate

2.63%

Median Effective New Jersey Tax Rate

2.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Riverdale, Morris County, 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, Morris County, New Jersey

When examining property taxes in Riverdale, 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 Morris 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 Morris County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Riverdale. For example, the median home price in Riverdale is $332,850, with tax bills ranging significantly across the county. Zip code 07457 has the highest median home price at $332,850.

Property Tax Assessment Values Across Riverdale, Morris County, New Jersey

Source: Ownwell

$215,900

$831,650

$1,447,400

Median Riverdale Market Value

$332,850

Median Morris County Market Value

$381,800

Median New Jersey Market Value

$282,900

Median United States Market Value

$235,294

Property Tax Assessment Values Across Riverdale, Morris County, 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, Morris County, New Jersey

In Riverdale, located in Morris 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 tax assessor and reflects the market value of the property. Riverdale's property tax bills are notably higher than the national median, with the median tax bill at $5,771. This figure is significantly above the national median property tax bill of $2,400, indicative of the higher property values and tax rates in this region. Homeowners in Riverdale find themselves paying a substantial amount in property taxes, with bills ranging from $4,724 at the 25th percentile to $8,001 at the 90th percentile.

Ownwell assists homeowners by evaluating their property tax assessments to identify potential savings. Through a comprehensive analysis, Ownwell can determine if a property is over-assessed and help homeowners file appeals to lower their tax bills. By leveraging expertise in property tax laws and local market conditions, Ownwell empowers homeowners to reduce their financial burden effectively.

Property Tax Bills Across Riverdale, Morris County, New Jersey

Source: Ownwell

$5,771

$14,730

$23,689

Median Riverdale Tax Bill

$5,771

Median Morris County Tax Bill

$9,778

Median New Jersey Tax Bill

$8,227

Median United States Tax Bill

$2,400

Property Tax Bills Across Riverdale, Morris County, 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