07457 Property Tax Rate

Property owners in ZIP code 07457 (Riverdale, New Jersey) pay a median of $6,530/year in property taxes on homes valued at $384,500. This translates to an effective tax rate of 1.70%, which is 17% below the New Jersey state average of 2.04%.

The monthly property tax burden for a median-valued home in 07457 is approximately $544, which factors into escrow payments on mortgages. This ZIP code is located within Morris County. This is $2,067 less than the New Jersey average of $8,597/year.

Compared to similar ZIP codes in New Jersey, 07457 has lower property taxes. ZIP codes with similar effective rates include 07647 (1.70%) and 08759 (1.70%).

In Riverdale, property taxes represent approximately 6.8% of the median household income of $96,667, providing context for the relative tax burden on homeowners in this area.

New Jersey has no statewide property tax cap and assesses property at full market value; Morris County revaluations lock in your purchase price as assessed value, establishing your tax base. New Jersey's Homestead Benefit Program—available to primary residence owners earning ≤$150,000—provides relief by capping annual assessment increases; submit your application to Morris County within 45 days of closing with proof of income and residency. Contact the Morris County Assessor's office immediately upon purchase to file your homestead claim, as this program can save $400–$1,000 annually and is one of the most important tax relief options for New Jersey homeowners.