North Brookfield, New York Property Taxes
The median property tax rate in North Brookfield, NY is 3.20%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in North Brookfield at $84,938, the typical annual property tax bill reaches $2,696, slightly exceeding the national median of $2,690. Property taxes in North Brookfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding North Brookfield'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 North Brookfield 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
North Brookfield, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$2,718
$2,687
Ownwell’s North Brookfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Brookfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Brookfield 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 North Brookfield, New York
Property taxes in North Brookfield, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Brookfield is 3.20%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within North Brookfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Brookfield 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 North Brookfield's effective property tax rate to other counties in New York and the national median. For comparison, the 13418 zip code has the highest median property tax rate of 3.20%, while the same zip code also has the lowest median tax rate of 3.20%. Understanding how these cities compare with North Brookfield provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Brookfield Tax Rate
3.20%
Average Madison County Tax Rate
3.06%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Brookfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13418 | 2.93% | 3.04% | 3.20% | 3.23% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across North Brookfield, New York
In North Brookfield, 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 Madison 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 North Brookfield, 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 median home price in North Brookfield is $84,938, with tax bills ranging from $1,615 at the 25th percentile to $5,973 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Brookfield, New York
Source: Ownwell
$43,518
$139,012
$234,506
Average North Brookfield Assessed Value
$84,938
Average Madison County Assessed Value
$136,471
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Brookfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13418 | $34,123 | $53,056 | $84,938 | $135,740 | $195,765 |
Source: Ownwell
Property Tax Bills Across North Brookfield, New York
In North Brookfield, Madison County, NY, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $84,938, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,615, while the 75th percentile reaches up to $4,018, and the 90th percentile can climb to $5,973. Factors influencing these amounts include the property's assessed value, local tax rates, and any applicable exemptions or deductions. This variability in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in North Brookfield can result in higher or lower tax bills depending on the specific assessed value and tax rate applied.
Average North Brookfield Tax Bill
$2,696
Average Madison County Tax Bill
$4,460
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across North Brookfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13418 | $1,063 | $1,615 | $2,696 | $4,018 | $5,973 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Madison Assessment Review Commission | |
| Website | property.madisoncounty.ny.gov |