Chichester, New York Property Taxes
The median property tax rate in Chichester, NY is 1.71%, 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 Chichester at $177,568, the typical annual property tax bill reaches $2,966, exceeding the national median of $2,690. Property taxes in Chichester 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 Chichester'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 Chichester 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
Chichester, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$3,036
$3,002
Ownwell’s Chichester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chichester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chichester 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 Chichester, New York
Property taxes in Chichester, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chichester is 1.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chichester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chichester 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 Chichester's effective property tax rate to other counties in New York and the national median. For comparison, the 12416 zip code has the highest median property tax rate of 1.71%, while the 12416 zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Chichester 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 Chichester Tax Rate
1.71%
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 Chichester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12416 | 1.71% | 1.71% | 1.71% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Chichester, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chichester, 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 Ulster County 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 Chichester, 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 Chichester is $177,568, with tax bills ranging from $1,969 at the 25th percentile to $6,616 at the 90th percentile. The highest and lowest median tax bills are both $2,966, found in the 12416 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chichester Assessed Value
$177,568
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 Chichester, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12416 | $67,784 | $118,243 | $177,568 | $264,730 | $389,784 |
Source: Ownwell
Property Tax Bills Across Chichester, New York
In Chichester, located in Ulster County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Chichester is $177,568, and property taxes are assessed accordingly. The assessed value is multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, improvements, and market conditions influence the assessed value, while the tax rate is set by local government entities. Homeowners in Chichester can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $1,969, while at the 75th percentile, it rises to approximately $4,413. At the 90th percentile, it can reach up to $6,616. These variations can have a substantial impact on homeowners, affecting their overall financial planning and housing affordability. Comparing these figures to the national median property tax rate of 0.99%, Chichester's rates highlight the importance of understanding local property tax dynamics.
Average Chichester Tax Bill
$2,966
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 Chichester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12416 | $1,141 | $1,969 | $2,966 | $4,413 | $6,616 |
Source: Ownwell