Cold Brook, New York Property Taxes
The median property tax rate in Cold Brook, NY is 0.76%, significantly lower than both the national median of 0.99% and New York's state median of 2.39%. With a median home value of $74,600 in Cold Brook, the typical annual property tax bill amounts to $528, which is well below the national median of $2,690. Property taxes in Cold Brook are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Cold Brook's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cold Brook or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cold Brook, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$567
$561
Ownwell’s Cold Brook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cold Brook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cold Brook 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 Cold Brook, New York
Property taxes in Cold Brook, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cold Brook is 0.76%, lower than both the New York state median and the U.S. national median of 0.99%. Local government entities within Cold Brook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cold Brook 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 Cold Brook's effective property tax rate to other counties in New York and the national median. For comparison, the 13324 zip code has the highest median property tax rate of 0.76%, while the 13324 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Cold Brook provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cold Brook Tax Rate
0.76%
Average Hamilton County Tax Rate
0.85%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cold Brook, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13324 | 0.70% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Cold Brook, New York
In Cold Brook, 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 Hamilton County Assessment Office 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 Cold Brook, 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 Cold Brook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area, both at $528.00, can be found in the 13324 zip code.
Average Cold Brook Assessed Value
$74,600
Average Hamilton County Assessed Value
$177,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cold Brook, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13324 | $43,340 | $56,675 | $74,600 | $142,625 | $186,330 |
Source: Ownwell
Property Tax Bills Across Cold Brook, New York
In Cold Brook, located in Hamilton County, NY, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Cold Brook is $74,600. Homeowners can expect their property tax bills to vary, with the 25th percentile tax bill at $423 and the 75th percentile at $801, indicating a range of tax burdens within the community. The 90th percentile tax bill reaches up to $1,274. These figures reflect the assessed value and the specific tax rate applied by local authorities. The tax bill's determination involves assessing the property's market value and then applying the local tax rate. Factors such as property size, location, and any applicable exemptions or abatements also influence the final tax amount. This system ensures that tax contributions are proportionate to property values, impacting homeowners by directly correlating their tax responsibilities with their property's worth. With the national median property tax rate at 0.99%, Cold Brook's property tax scenario provides a comparative perspective for homeowners.
Average Cold Brook Tax Bill
$528
Average Hamilton County Tax Bill
$1,483
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cold Brook, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13324 | $308 | $423 | $528 | $801 | $1,274 |
Source: Ownwell