Bloomington, New York Property Taxes
The median property tax rate in Bloomington, NY is 2.89%, 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 Bloomington, the typical annual property tax bill reaches $7,228, far exceeding the national median of $2,690. Property taxes in Bloomington are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Bloomington'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 Bloomington 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
Bloomington, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$7,338
$7,256
Ownwell’s Bloomington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington 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 Bloomington, New York
Property taxes in Bloomington, New York, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 2.89%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bloomington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington 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 Bloomington's effective property tax rate to other counties in New York and the national median. For comparison, the 12411 zip code has the highest median property tax rate of 2.89%, while the 12411 zip code also has the lowest median tax rate of 2.89%. Understanding how these cities compare with Bloomington provides valuable insights into the varying tax landscape across Ulster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Tax Rate
2.89%
Average Ulster County Tax Rate
2.67%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12411 | 2.77% | 2.89% | 2.89% | 2.89% | 3.11% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, New York
In Bloomington, 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 Ulster County Assessor's Office 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 Bloomington, 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. For instance, the median home price is $253,919, with tax bills in the 25th percentile at $5,933 and in the 75th percentile at $8,856. The highest median tax bill is $7,228 in the 12411 zip code. 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 Bloomington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bloomington Assessed Value
$253,919
Average Ulster County Assessed Value
$268,649
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12411 | $154,852 | $213,636 | $253,919 | $306,486 | $387,351 |
Source: Ownwell
Property Tax Bills Across Bloomington, New York
In Bloomington, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Various factors influence the assessed value, including the property's location, size, and condition. Once the assessed value is determined, the applicable tax rate is applied to calculate the annual property tax bill. Homeowners in Bloomington experience a range of property tax bills. For instance, the tax bill at the 25th percentile is approximately $5,933, while at the 75th percentile, it is around $8,856. Those in the 90th percentile face tax bills as high as $11,170. Compared to the national median property tax rate of 0.99%, homeowners in Bloomington generally pay higher property taxes. This can significantly impact household budgets, making it crucial for property owners to understand their tax obligations and explore potential exemptions or appeals to manage their expenses effectively.
Average Bloomington Tax Bill
$7,228
Average Ulster County Tax Bill
$6,879
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12411 | $4,124 | $5,933 | $7,228 | $8,856 | $11,170 |
Source: Ownwell