Greenwich, New York Property Taxes
The median property tax rate in Greenwich, NY is 2.50%, 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 Greenwich, the typical annual property tax bill reaches $5,353, exceeding the national median of $2,690. Property taxes in Greenwich 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 Greenwich'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 Greenwich 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
Greenwich, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$5,056
$4,999
Ownwell’s Greenwich Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwich with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwich 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 Greenwich, New York
Property taxes in Greenwich, NY, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwich is 2.50%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Greenwich set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwich 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 Greenwich's effective property tax rate to other counties in New York and the national median. For comparison, the 12834 zip code has the highest median property tax rate of 2.50%, while the same zip code also has the lowest median tax rate of 2.50%. Understanding how these areas compare with Greenwich provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwich Tax Rate
2.50%
Average Washington County Tax Rate
2.41%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwich, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12834 | 2.28% | 2.46% | 2.50% | 2.54% | 3.30% |
Source: Ownwell
Property Tax Assessment Values Across Greenwich, New York
In Greenwich, 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 Washington 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 Greenwich, 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 Greenwich helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Greenwich is $202,222, with the highest and lowest median tax bills both recorded at $5,353 in zip code 12834.
Average Greenwich Assessed Value
$202,222
Average Washington County Assessed Value
$158,585
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwich, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12834 | $115,000 | $150,650 | $202,222 | $270,000 | $365,000 |
Source: Ownwell
Property Tax Bills Across Greenwich, New York
In Greenwich, Washington County, NY, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The median home price in the area is $202,222. Homeowners in this region face property tax bills that can vary significantly. For example, the tax bill at the 25th percentile is $4,038, while those at the 75th percentile pay around $6,982. The highest tax bills, found at the 90th percentile, can reach up to $9,072. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions or deductions. With a median property tax bill of $5,353, Greenwich's rate is notably higher than the national median property tax rate of 0.99%. This elevated tax rate can significantly impact homeowners' finances, making it crucial for them to understand how their property is assessed and to explore potential exemptions to reduce their tax burden.
Average Greenwich Tax Bill
$5,353
Average Washington County Tax Bill
$3,943
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwich, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12834 | $2,954 | $4,038 | $5,353 | $6,982 | $9,072 |
Source: Ownwell