Margaretville, New York Property Taxes
The median property tax rate in Margaretville, NY is 1.67%, 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 Margaretville at $180,900, the typical annual property tax bill reaches $3,133, exceeding the national median of $2,690. Property taxes in Margaretville 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 Margaretville'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 Margaretville 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
Margaretville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,021
$2,987
Ownwell’s Margaretville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Margaretville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Margaretville 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 Margaretville, New York
Property taxes in Margaretville, 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 Margaretville is 1.67%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Margaretville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Margaretville 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 Margaretville's effective property tax rate to other areas in Delaware County and the national median. For comparison, the zip code 12455 has both the highest and lowest median property tax rate of 1.67%. Understanding how these areas compare with Margaretville provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Margaretville Tax Rate
1.67%
Average Delaware County Tax Rate
2.34%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Margaretville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12455 | 1.60% | 1.67% | 1.67% | 1.70% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Margaretville, New York
In Margaretville, 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 Delaware 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 Margaretville, 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 Margaretville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 12455 has the highest median tax bill at $3,133, while the lowest median tax bill is also in zip code 12455 at $3,133.
Average Margaretville Assessed Value
$180,900
Average Delaware County Assessed Value
$129,271
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Margaretville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12455 | $84,200 | $131,750 | $180,900 | $267,650 | $375,640 |
Source: Ownwell
Property Tax Bills Across Margaretville, New York
In Margaretville, located in Delaware County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The median home price in Margaretville is $180,900. Property taxes are influenced by the local tax rate, which, in this area, results in a median tax bill of $3,133. This is significantly higher than the national median property tax rate of 0.99%. Several factors contribute to the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, homeowners in the 25th percentile pay around $2,228, while those in the 75th percentile face bills of approximately $4,573. At the 90th percentile, the tax bill can reach up to $6,270. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners must budget for these costs, which can vary widely depending on the specific assessed value and local tax regulations.
Average Margaretville Tax Bill
$3,133
Average Delaware County Tax Bill
$3,106
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Margaretville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12455 | $1,403 | $2,228 | $3,133 | $4,573 | $6,270 |
Source: Ownwell