Altamont, New York Property Taxes
The median property tax rate in Altamont, NY is 2.14%, 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 Altamont at $274,725, the typical annual property tax bill reaches $5,750, exceeding the national median of $2,690. Property taxes in Altamont 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 Altamont'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 Altamont 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
Altamont, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$5,879
-$61,613
Ownwell’s Altamont Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Altamont with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Altamont to provide an accurate estimate of your property tax bill. This useful tool helps you gain a clear understanding of your potential tax liabilities. For more detailed trends and insights at the neighborhood level, scroll down to explore localized information. Your property’s assessed value is determined by Albany County for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Altamont, New York
Property taxes in Altamont, New York, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Altamont is 2.14%, significantly higher than the New York state median and the U.S. national median of 0.99%. Local government entities within Altamont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altamont 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 Altamont's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12009 has the highest median property tax rate of 2.14%, while the same zip code also has the lowest median tax rate of 2.14%. Understanding how these cities compare with Altamont provides valuable insights into the varying tax landscape across Albany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altamont Tax Rate
2.14%
Average Albany County Tax Rate
2.39%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altamont, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12009 | 1.49% | 1.90% | 2.14% | 2.32% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Altamont, New York
In Altamont, 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 Albany County Assessor 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. Assessment notices in Altamont 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 Altamont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Altamont, the highest and lowest median tax bills are both $5,750, found in the 12009 zip code.
Average Altamont Assessed Value
$274,725
Average Albany County Assessed Value
$213,453
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altamont, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12009 | $169,709 | $209,890 | $274,725 | $370,330 | $486,735 |
Source: Ownwell
Property Tax Bills Across Altamont, New York
In Altamont, property tax bills are calculated based on the assessed value of a home and the local tax rate. For homeowners, the assessed value is determined by the local assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the tax rate set by local taxing authorities, which can include county, city, and school district levies. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Altamont, within Albany County, homeowners face varying tax bills. The 25th percentile tax bill is around $4,124, while the 75th percentile reaches up to $8,080. At the higher end, the 90th percentile tax bill can be as much as $11,098. The median home price in Altamont is $274,725, which helps provide context for these tax bills. Compared to the national median property tax rate of 0.99%, the property taxes in Altamont can significantly impact homeowners, potentially influencing their financial planning and housing decisions.
Average Altamont Tax Bill
$5,750
Average Albany County Tax Bill
$4,990
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Altamont, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12009 | $2,913 | $4,124 | $5,750 | $8,080 | $11,098 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Albany Assessment Review Commission | |
| Website | albany.sdgnys.com |