Freehold, New York Property Taxes
The median property tax rate in Freehold, NY is 2.63%, 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 Freehold at $214,621, the typical annual property tax bill reaches $4,938, exceeding the national median of $2,690. Property taxes in Freehold 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 Freehold'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 Freehold 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
Freehold, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$5,645
$5,581
Ownwell’s Freehold Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freehold with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freehold 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 Freehold, New York
Property taxes in Freehold, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freehold is 2.63%, significantly higher than the U.S. national median of 0.99%. Local government entities within Freehold set these rates annually, and they can vary across different neighborhoods. Each year, Freehold 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 Freehold's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12431 has the highest median property tax rate of 2.63%, while the same zip code also has the lowest median tax rate of 2.63%. Understanding how these cities compare with Freehold provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freehold Tax Rate
2.63%
Average Greene County Tax Rate
2.04%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freehold, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12431 | 2.05% | 2.05% | 2.63% | 2.71% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Freehold, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Freehold, NY. 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 Greene 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 Freehold, 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. For instance, the highest median tax bill in Freehold is $4,938 in zip code 12431, while the lowest median tax bill is also $4,938 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Freehold Assessed Value
$214,621
Average Greene County Assessed Value
$210,370
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freehold, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12431 | $119,000 | $152,100 | $214,621 | $285,816 | $359,866 |
Source: Ownwell
Property Tax Bills Across Freehold, New York
In Freehold, Greene County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Freehold is $214,621, which serves as a baseline for these calculations. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or abatements. Tax bills can vary significantly, with the 25th percentile tax bill at $3,847 and the 75th percentile reaching $6,710. For those in the 90th percentile, tax bills can climb as high as $8,577. These property taxes directly impact homeowners by contributing to local services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Freehold's property taxes can be relatively high, reflecting the area's specific needs and budget requirements. This can affect overall affordability and the cost of homeownership in the region.
Average Freehold Tax Bill
$4,938
Average Greene County Tax Bill
$4,183
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Freehold, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12431 | $2,741 | $3,847 | $4,938 | $6,710 | $8,577 |
Source: Ownwell