Bombay, New York Property Taxes
The median property tax rate in Bombay, NY is 3.11%, 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 Bombay, the typical annual property tax bill reaches $2,177, although this is below the national median of $2,690. Property taxes in Bombay are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bombay'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 Bombay 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
Bombay, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.11%
Estimate Property Tax Bill
$2,319
$2,293
Ownwell’s Bombay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bombay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bombay 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 Bombay, New York
Property taxes in Bombay, New York, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bombay is 3.11%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bombay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bombay 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 Bombay's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12914 has both the highest and lowest median property tax rate of 3.11%, reflecting the uniformity in tax rates within this area. Understanding how these cities compare with Bombay provides valuable insights into the varying tax landscape across St. Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bombay Tax Rate
3.11%
Average St. Lawrence County Tax Rate
3.02%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bombay, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12914 | 2.14% | 2.31% | 3.11% | 3.11% | 3.11% |
Source: Ownwell
Property Tax Assessment Values Across Bombay, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bombay, NY. 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 St. Lawrence 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 Bombay, 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. The highest median tax bill in the area is $2,177 in zip code 12914, while the lowest median tax bill is also $2,177 in the same zip code. Being aware of these valuation processes in Bombay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bombay Assessed Value
$74,555
Average St. Lawrence County Assessed Value
$83,455
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bombay, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12914 | $42,178 | $61,048 | $74,555 | $112,042 | $154,136 |
Source: Ownwell
Property Tax Bills Across Bombay, New York
In Bombay, located in St. Lawrence County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the final tax bill. Factors such as property size, location, and market conditions are considered in the assessment process. For homeowners in Bombay, the median home price is $74,555. Tax bills in the city vary significantly, with the 25th percentile paying around $1,589, while those in the 75th percentile face bills of approximately $3,340. At the higher end, the 90th percentile sees tax bills reaching up to $4,354. The highest and lowest median tax bills in the city are both $2,177, found in the 12914 zip code. These property taxes can significantly impact homeowners, affecting their monthly expenses and overall financial planning, especially when compared to the national median property tax rate of 0.99%.
Average Bombay Tax Bill
$2,177
Average St. Lawrence County Tax Bill
$2,611
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Bombay, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12914 | $1,025 | $1,589 | $2,177 | $3,340 | $4,354 |
Source: Ownwell