Mongaup Valley, New York Property Taxes
The median property tax rate in Mongaup Valley, NY, is 2.65%, significantly higher than both the national median of 0.99% and New York state's median of 2.39%. With a median home value of $170,378 in Mongaup Valley, the typical annual property tax bill reaches $4,342, far exceeding the national median of $2,690. Property taxes in Mongaup Valley 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 Mongaup Valley'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 Mongaup Valley 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
Mongaup Valley, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$4,515
$4,464
Ownwell’s Mongaup Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mongaup Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mongaup Valley 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 Sullivan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mongaup Valley, New York
Property taxes in Mongaup Valley, New York, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Mongaup Valley is 2.65%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mongaup Valley set these rates annually, and they can vary across different neighborhoods. Each year, Mongaup Valley 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 Mongaup Valley's effective property tax rate to other areas in Sullivan County and the national median. For comparison, the zip code 12762 has the highest median property tax rate of 2.65%, which is the same as the lowest median tax rate in the same zip code. Understanding how these areas compare with Mongaup Valley provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mongaup Valley Tax Rate
2.65%
Average Sullivan County Tax Rate
1.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mongaup Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12762 | 2.18% | 2.39% | 2.65% | 2.67% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Mongaup Valley, New York
In Mongaup Valley, 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 Sullivan 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 Mongaup Valley, 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 Mongaup Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 12762, with a value of $4342.
Property Tax Assessment Values Across Mongaup Valley, New York
Source: Ownwell
$29,135
$166,546
$303,956
Average Mongaup Valley Assessed Value
$170,378
Average Sullivan County Assessed Value
$159,121
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mongaup Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12762 | $75,090 | $136,697 | $170,378 | $266,302 | $385,000 |
Source: Ownwell
Property Tax Bills Across Mongaup Valley, New York
In Mongaup Valley, located in Sullivan County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and is intended to reflect the market value of the property. The tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Mongaup Valley face a range of property tax bills, with the 25th percentile at $3,280 and the 75th percentile reaching $7,194. At the 90th percentile, tax bills can be as high as $10,538. This variation is influenced by factors such as property size, location, and market conditions. The median home price in Mongaup Valley is $170,378, which is a key factor in determining the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Mongaup Valley may experience higher or lower tax burdens based on these local assessments and rates.
Average Mongaup Valley Tax Bill
$4,342
Average Sullivan County Tax Bill
$2,467
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Mongaup Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12762 | $1,909 | $3,280 | $4,342 | $7,194 | $10,538 |
Source: Ownwell