Hyde Park, New York Property Taxes
The median property tax rate in Hyde Park, NY is 2.68%, 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 Hyde Park, the typical annual property tax bill reaches $7,339, exceeding the national median of $2,690. Property taxes in Hyde Park 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 Hyde Park'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 Hyde Park 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
Hyde Park, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$7,188
$7,107
Ownwell’s Hyde Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hyde Park with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hyde Park to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Hyde Park, New York
Property taxes in Hyde Park, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hyde Park is 2.68%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Hyde Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hyde Park 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 Hyde Park's effective property tax rate to other counties in New York and the national median. For comparison, the 12538 zip code has the highest median property tax rate of 2.68%, while the 12538 zip code also has the lowest median tax rate of 2.68%. Understanding how these cities compare with Hyde Park provides valuable insights into the varying tax landscape across Dutchess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hyde Park Tax Rate
2.68%
Average Dutchess County Tax Rate
2.86%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12538 | 2.59% | 2.66% | 2.68% | 2.79% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Hyde Park, New York
In Hyde Park, 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 Dutchess 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 Hyde Park, 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 Hyde Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $7,339 in the 12538 zip code, while the lowest is also $7,339 in the same zip code.
Average Hyde Park Assessed Value
$268,200
Average Dutchess County Assessed Value
$321,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12538 | $143,100 | $225,700 | $268,200 | $325,850 | $409,950 |
Source: Ownwell
Property Tax Bills Across Hyde Park, New York
In Hyde Park, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. In Dutchess County, the median home price stands at $268,200. Property tax rates are applied to this assessed value to calculate the tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Hyde Park face varying tax bills, with the 25th percentile paying around $6,008 and the 75th percentile facing bills up to $8,988. The 90th percentile sees tax bills reaching $10,988. Compared to the national median property tax rate of 0.99%, Hyde Park's rates are significantly higher, reflecting the region's property values and local tax policies. These tax bills can substantially impact homeowners, influencing decisions on property purchases and home improvements. High property taxes can also affect the overall cost of living and the attractiveness of the area for potential buyers.
Average Hyde Park Tax Bill
$7,339
Average Dutchess County Tax Bill
$9,388
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12538 | $3,115 | $6,008 | $7,339 | $8,988 | $10,988 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Dutchess Assessment Review Commission | |
| Website | gis.dutchessny.gov |