Latham, New York Property Taxes
The median property tax rate in Latham, NY is 2.26%, 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 Latham, the typical annual property tax bill reaches $4,938, exceeding the national median of $2,690. Property taxes in Latham 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 Latham'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 Latham 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
Latham, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$4,986
$4,930
Ownwell’s Latham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latham 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 Latham, New York
Property taxes in Latham, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Latham is 2.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Latham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latham 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 Latham's effective property tax rate to other areas in Albany County and the national median. For comparison, the zip code 12110 has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these areas compare with Latham 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 Latham Tax Rate
2.26%
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 Latham, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12110 | 2.13% | 2.20% | 2.26% | 2.31% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Latham, New York
In Latham, 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 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 Latham, 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 Latham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Latham is $220,628, with the highest and lowest median tax bills in zip code 12110, both at $4938.
Average Latham Assessed Value
$220,628
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 Latham, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12110 | $160,807 | $186,547 | $220,628 | $278,431 | $385,650 |
Source: Ownwell
Property Tax Bills Across Latham, New York
In Latham, Albany 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's office, which evaluates the property's market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $220,628, homeowners in Latham can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property size, location, and improvements can influence the assessed value, subsequently affecting the tax bill. In Latham, the 25th percentile tax bill is $4,212, while the 75th percentile tax bill is $6,185, and the 90th percentile tax bill reaches $8,394. These figures highlight the range of property tax burdens homeowners may face. Understanding these factors is essential for homeowners in Latham to anticipate their annual property tax obligations and manage their finances accordingly.
Average Latham Tax Bill
$4,938
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 Latham, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12110 | $3,590 | $4,212 | $4,938 | $6,185 | $8,394 |
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 |