Hollowville, New York Property Taxes
The median property tax rate in Hollowville, NY is 1.41%, 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 Hollowville, the typical annual property tax bill reaches $3,757, exceeding the national median of $2,690. Property taxes in Hollowville 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 Hollowville'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 Hollowville 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
Hollowville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$3,768
$3,726
Ownwell’s Hollowville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hollowville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollowville to provide an accurate estimate of your property tax bill. This insightful tool is designed to help you understand potential tax liabilities, making it easier to plan financially. 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 Columbia County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hollowville, New York
Property taxes in Hollowville, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollowville is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hollowville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollowville 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 Hollowville's effective property tax rate to other counties in New York and the national median. For comparison, the 12530 zip code has the highest median property tax rate of 1.41%, while the 12530 zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Hollowville provides valuable insights into the varying tax landscape across Columbia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollowville Tax Rate
1.41%
Average Columbia County Tax Rate
1.71%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollowville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12530 | 1.39% | 1.41% | 1.41% | 1.41% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Hollowville, New York
In Hollowville, 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 Columbia County Assessment 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 Hollowville, 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. For instance, the highest median tax bill in Hollowville is $3,757 in the 12530 zip code, while the lowest median tax bill is also $3,757 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hollowville Assessed Value
$267,241
Average Columbia County Assessed Value
$284,810
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hollowville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12530 | $183,908 | $195,402 | $267,241 | $423,850 | $1,202,299 |
Source: Ownwell
Property Tax Bills Across Hollowville, New York
In Hollowville, Columbia County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The tax bill is determined by multiplying the assessed value by the tax rate set by local taxing authorities. Several factors influence the assessed value, including the home's market value, location, and property characteristics. Homeowners in Hollowville see a wide range of property tax bills. For instance, the 25th percentile tax bill is $2,747, while the 75th percentile reaches $5,958. The 90th percentile tax bill can soar to $16,695, reflecting the variability in property values and assessments. The median home price in Hollowville is $267,241, and the property tax rate in Columbia County often results in higher tax bills compared to the national median property tax rate of 0.99%. This significant cost can impact homeowners by affecting their overall housing affordability and financial planning. Understanding these factors is crucial for homeowners looking to manage their property tax obligations effectively.
Average Hollowville Tax Bill
$3,757
Average Columbia County Tax Bill
$4,915
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollowville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12530 | $2,585 | $2,747 | $3,757 | $5,958 | $16,695 |
Source: Ownwell