Colonie, New York Property Taxes
The median property tax rate in Colonie, NY is 2.47%, considerably higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Colonie, the typical annual property tax bill reaches $3,826, exceeding the national median of $2,690. Property taxes in Colonie 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 Colonie'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 Colonie 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
Colonie, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.47%
Estimate Property Tax Bill
$3,901
$3,857
Ownwell’s Colonie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colonie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colonie 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 Colonie, New York
Property taxes in Colonie, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colonie is 2.47%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Colonie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colonie 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 Colonie's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12205 has the highest median property tax rate of 2.47%, while zip code 12110 has the lowest median tax rate of 0.74%. Understanding how these areas compare with Colonie provides valuable insights into the varying tax landscape across Albany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colonie Tax Rate
2.47%
Average Albany County Tax Rate
2.39%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colonie, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12110 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| 12205 | 2.16% | 2.16% | 2.47% | 2.51% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Colonie, New York
In Colonie, New York, 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 Albany County Assessor 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 Colonie, 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. The median home price in Colonie is $157,938, with tax bills varying significantly. For instance, the highest median tax bill is $3,827 in zip code 12205, while the lowest median tax bill is $529 in zip code 12110. 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 Colonie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colonie Assessed Value
$157,938
Average Albany County Assessed Value
$213,453
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colonie, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12110 | $71,749 | $71,749 | $71,749 | $71,749 | $71,749 |
| 12205 | $127,354 | $139,910 | $158,027 | $186,547 | $206,974 |
Source: Ownwell
Property Tax Bills Across Colonie, New York
In Colonie, Albany County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Colonie is $157,938. Homeowners can expect their property tax bill to vary significantly depending on specific factors such as property location, size, and improvements. The 25th percentile tax bill is around $3,306, while the 75th percentile tax bill reaches $4,332, and the 90th percentile tax bill can be as high as $4,942. The highest median tax bill in the area is $3,827, found in the 12205 zip code, whereas the lowest median tax bill is $529 in the 12110 zip code. Compared to the national median property tax rate of 0.99%, Colonie's property taxes can be relatively high, impacting homeowners' annual financial planning. Understanding these factors helps homeowners anticipate their tax liabilities and budget accordingly.
Average Colonie Tax Bill
$3,826
Average Albany County Tax Bill
$4,990
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Colonie, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12110 | $529 | $529 | $529 | $529 | $529 |
| 12205 | $2,955 | $3,306 | $3,827 | $4,333 | $4,943 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Albany Assessment Review Commission | |
| Website | albany.sdgnys.com |