Tomkins Cove, New York Property Taxes
The median property tax rate in Tomkins Cove, NY is 1.08%, 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 Tomkins Cove, the typical annual property tax bill reaches $4,686, exceeding the national median of $2,690. Property taxes in Tomkins Cove 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 Tomkins Cove'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 Tomkins Cove 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
Tomkins Cove, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$4,773
-$50,025
Ownwell’s Tomkins Cove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tomkins Cove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tomkins Cove 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 Tomkins Cove, New York
Property taxes in Tomkins Cove, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tomkins Cove is 1.08%, higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Tomkins Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tomkins Cove 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 Tomkins Cove's effective property tax rate to other counties in New York and the national median. For comparison, the 10986 zip code has the highest median property tax rate of 1.08%, while the 10986 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Tomkins Cove provides valuable insights into the varying tax landscape across Rockland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tomkins Cove Tax Rate
1.08%
Average Rockland County Tax Rate
9.36%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tomkins Cove, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10986 | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Tomkins Cove, New York
In Tomkins Cove, 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 Rockland County Assessor 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 Tomkins Cove, 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 Tomkins Cove is $441,980, with the 25th percentile tax bill at $3,643 and the 75th percentile tax bill at $6,236. 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 Tomkins Cove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Tomkins Cove, New York
Source: Ownwell
$102,000
$4,272,452
$8,442,903
Average Tomkins Cove Assessed Value
$441,980
Average Rockland County Assessed Value
$130,400
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tomkins Cove, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10986 | $239,420 | $339,164 | $441,980 | $582,338 | $674,317 |
Source: Ownwell
Property Tax Bills Across Tomkins Cove, New York
In Tomkins Cove, Rockland County, NY, property tax bills are calculated based on the assessed value of a home. The local government determines this value, which is intended to reflect the market value of the property. Once the assessed value is established, the tax rate, set by local taxing authorities, is applied to calculate the property tax bill. Several factors influence the final tax bill, including changes in market conditions, property improvements, and local budget requirements. Homeowners in Tomkins Cove typically face tax bills ranging from $3,643 at the 25th percentile to $7,161 at the 90th percentile. The median home price in the area is $441,980, leading to a significant property tax burden compared to the national median property tax rate of 0.99%. This can have a substantial impact on homeowners, affecting their overall cost of living and potentially influencing their decisions on home ownership and investments in property improvements.
Average Tomkins Cove Tax Bill
$4,686
Average Rockland County Tax Bill
$10,993
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Tomkins Cove, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10986 | $2,433 | $3,643 | $4,686 | $6,236 | $7,161 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Rockland Assessment Review Commission | |
| Website | app.regrid.com |