Richmondville, New York Property Taxes
The median property tax rate in Richmondville, NY is 3.14%, 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 Richmondville at $122,618, the typical annual property tax bill reaches $3,941, exceeding the national median of $2,690. Property taxes in Richmondville 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 Richmondville'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 Richmondville 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
Richmondville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$3,850
$3,807
Ownwell’s Richmondville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmondville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmondville 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 Richmondville, New York
Property taxes in Richmondville, 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 Richmondville is 3.14%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Richmondville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmondville 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 Richmondville's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12149 has the highest median property tax rate of 3.14%, while the same zip code also has the lowest median tax rate of 3.14%. Understanding how these cities compare with Richmondville provides valuable insights into the varying tax landscape across Schoharie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmondville Tax Rate
3.14%
Average Schoharie County Tax Rate
2.84%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmondville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12149 | 2.91% | 3.09% | 3.14% | 3.14% | 3.44% |
Source: Ownwell
Property Tax Assessment Values Across Richmondville, New York
In Richmondville, 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 Schoharie 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 Richmondville, 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 Richmondville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Richmondville's highest and lowest median tax bills are both $3,941, found in the 12149 zip code.
Average Richmondville Assessed Value
$122,618
Average Schoharie County Assessed Value
$130,625
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmondville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12149 | $42,353 | $80,742 | $122,618 | $170,072 | $231,992 |
Source: Ownwell
Property Tax Bills Across Richmondville, New York
Property tax bills in Richmondville, located in Schoharie County, NY, are determined by assessing the value of a property and then applying the local tax rate. The assessed value is based on the market value of the home, which in Richmondville has a median price of $122,618. This value is then multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Richmondville can expect tax bills to vary significantly, with the 25th percentile tax bill at $2,463 and the 75th percentile tax bill at $5,360. For those at the 90th percentile, the tax bill can reach up to $7,197. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life. Compared to the national median property tax rate of 0.99%, Richmondville's rates can be seen as relatively high, reflecting the local community's investment in public services.
Average Richmondville Tax Bill
$3,941
Average Schoharie County Tax Bill
$3,729
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmondville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12149 | $1,284 | $2,463 | $3,941 | $5,360 | $7,197 |
Source: Ownwell