Troy, New York Property Taxes
The median property tax rate in Troy, NY is 2.49%, 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 Troy at $175,481, the typical annual property tax bill reaches $4,270, exceeding the national median of $2,690. Property taxes in Troy 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 Troy'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 Troy 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
Troy, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$4,369
$4,320
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, New York
Property taxes in Troy, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 2.49%, higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other areas in Rensselaer County and the national median. For comparison, the 12180 zip code has the highest median property tax rate of 2.52%, while the 12183 zip code has the lowest median tax rate of 2.13%. Understanding how these cities compare with Troy provides valuable insights into the varying tax landscape across Rensselaer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troy Tax Rate
2.49%
Average Rensselaer County Tax Rate
2.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12180 | 1.57% | 2.27% | 2.52% | 2.60% | 2.87% |
| 12182 | 1.84% | 2.25% | 2.47% | 2.65% | 2.97% |
| 12183 | 2.13% | 2.13% | 2.13% | 2.13% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Troy, New York
In Troy, New York, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open, competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Rensselaer 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 Troy, 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. The median home price in Troy is $175,481, with tax bills varying widely. For instance, the highest median tax bill is $4,406 in the 12180 zip code, while the lowest is $2,833 in the 12183 zip code. Understanding these valuation concepts helps property owners better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Troy Assessed Value
$175,481
Average Rensselaer County Assessed Value
$193,797
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Troy, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12180 | $96,053 | $139,474 | $184,211 | $236,842 | $317,281 |
| 12182 | $98,684 | $118,421 | $144,737 | $210,526 | $271,549 |
| 12183 | $132,874 | $132,874 | $132,874 | $132,874 | $132,874 |
Source: Ownwell
Property Tax Bills Across Troy, New York
In Troy, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Troy is $175,481, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and any improvements or renovations can influence its assessed value. Homeowners in Troy can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is around $3,019, while the 75th percentile tax bill reaches $5,707. At the higher end, the 90th percentile tax bill can go up to $7,515. The highest median tax bill in Troy is found in the 12180 zip code, amounting to $4,406, whereas the lowest median tax bill is $2,833 in the 12183 zip code. Compared to the national median property tax rate of 0.99%, Troy's property taxes can be relatively high, impacting homeowners' annual expenses significantly.
Average Troy Tax Bill
$4,270
Average Rensselaer County Tax Bill
$5,040
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12180 | $2,186 | $3,155 | $4,406 | $5,806 | $7,781 |
| 12182 | $2,005 | $2,767 | $3,764 | $5,439 | $6,908 |
| 12183 | $2,833 | $2,833 | $2,833 | $2,833 | $2,833 |
Source: Ownwell