Preston Hollow, New York Property Taxes
The median property tax rate in Preston Hollow, NY is 2.55%, 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 Preston Hollow, the typical annual property tax bill reaches $3,871, exceeding the national median of $2,690. Property taxes in Preston Hollow 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 Preston Hollow'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 Preston Hollow 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
Preston Hollow, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$3,978
$3,933
Ownwell’s Preston Hollow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston Hollow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston Hollow 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 Preston Hollow, New York
Property taxes in Preston Hollow, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston Hollow is 2.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Preston Hollow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston Hollow 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 Preston Hollow's effective property tax rate to other areas in Albany County and the national median. For comparison, the zip code 12469 has the highest median property tax rate of 2.55%, while the same zip code also has the lowest median tax rate of 2.55%. Understanding how these areas compare with Preston Hollow 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 Preston Hollow Tax Rate
2.55%
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 Preston Hollow, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12469 | 2.33% | 2.55% | 2.55% | 2.58% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Preston Hollow, New York
In Preston Hollow, 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 Preston Hollow, 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 Preston Hollow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,871 in zip code 12469, while the lowest median tax bill is also $3,871 in the same zip code.
Property Tax Assessment Values Across Preston Hollow, New York
Source: Ownwell
$71,749
$227,735
$383,721
Average Preston Hollow Assessed Value
$156,000
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 Preston Hollow, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12469 | $62,600 | $104,600 | $156,000 | $226,400 | $296,236 |
Source: Ownwell
Property Tax Bills Across Preston Hollow, New York
In Preston Hollow, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $156,000, homeowners can expect varying tax bills depending on the assessed value and specific tax rate applied. The tax bill can range significantly, with the 25th percentile at $2,614 and the 75th percentile reaching $5,566, while the 90th percentile can go as high as $7,378. These figures highlight the variability in property tax bills within the area, influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, homeowners in Preston Hollow may find their tax obligations to be relatively high, impacting their overall cost of homeownership. This variability underscores the importance of understanding local tax assessments and rates to better anticipate annual property tax expenses.
Average Preston Hollow Tax Bill
$3,871
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 Preston Hollow, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12469 | $1,572 | $2,614 | $3,871 | $5,566 | $7,378 |
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 |