Preston Hollow, New York Property Taxes
The median property tax rate in Preston Hollow, NY, is 2.38%, 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 Preston Hollow at $185,800, the typical annual property tax bill reaches $4,540, exceeding the national median of $2,690. Property taxes in Preston Hollow 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 Preston Hollow'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 Preston Hollow 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
Preston Hollow, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$4,422
$4,372
Ownwell’s Preston Hollow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston Hollow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston Hollow 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 Preston Hollow, New York
Property taxes in Preston Hollow, 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 Preston Hollow is 2.38%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Preston Hollow set these rates annually, which can vary significantly across different neighborhoods. Each year, Preston Hollow 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 Preston Hollow's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12469 has both the highest and lowest median property tax rate of 2.38%. Understanding how these areas compare with Preston Hollow 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 Preston Hollow Tax Rate
2.38%
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 Preston Hollow, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12469 | 1.91% | 2.04% | 2.38% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Preston Hollow, New York
In Preston Hollow, 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 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 Preston Hollow, 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. Preston Hollow's median home price is $185,800, and the median property tax bill can vary significantly. For instance, the 25th percentile tax bill is $3,561, while the 75th percentile tax bill is $6,529. The highest median tax bill in the area is found in zip code 12469, amounting to $4,540. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Preston Hollow, New York
Source: Ownwell
$75,676
$213,802
$351,927
Average Preston Hollow Assessed Value
$185,800
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 Preston Hollow, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12469 | $127,500 | $158,350 | $185,800 | $258,800 | $349,400 |
Source: Ownwell
Property Tax Bills Across Preston Hollow, New York
In Preston Hollow, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Preston Hollow can expect varying tax bills. For instance, the tax bill at the 25th percentile is $3,561, while those at the 75th percentile face a tax bill of $6,529. The highest tax bills, at the 90th percentile, can reach up to $9,022. Compared to the national median property tax rate of 0.99%, homeowners in Preston Hollow may find their tax rates higher or lower depending on the specific assessed value and applicable tax rate. These property taxes significantly impact homeowners, influencing their financial planning and potentially affecting property values in the area.
Average Preston Hollow Tax Bill
$4,540
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 Preston Hollow, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12469 | $2,472 | $3,561 | $4,540 | $6,529 | $9,022 |
Source: Ownwell