Red Hook, New York Property Taxes
The median property tax rate in Red Hook, NY is 1.71%, 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 Red Hook, the typical annual property tax bill reaches $4,670, exceeding the national median of $2,690. Property taxes in Red Hook 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 Red Hook'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 Red Hook 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
Red Hook, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$4,713
$4,660
Ownwell’s Red Hook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Hook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Hook 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 Red Hook, New York
Property taxes in Red Hook, 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 Red Hook is 1.71%, which is significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Red Hook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Hook 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 Red Hook's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12571 has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Red Hook 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 Red Hook Tax Rate
1.71%
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 Red Hook, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12571 | 1.63% | 1.71% | 1.71% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Red Hook, New York
In Red Hook, 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 local 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 Red Hook, 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 Red Hook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Red Hook is $275,641, with the highest median tax bill in zip code 12571 being $4,670, and the lowest median tax bill also in zip code 12571 being the same amount.
Average Red Hook Assessed Value
$275,641
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 Red Hook, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12571 | $117,810 | $193,910 | $275,641 | $363,462 | $464,396 |
Source: Ownwell
Property Tax Bills Across Red Hook, New York
In Red Hook, Columbia County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $275,641, homeowners can expect varying tax bills depending on the specific assessment and tax rate applied. Factors such as property size, location, and market conditions play significant roles in determining the assessed value. In Red Hook, the 25th percentile tax bill is approximately $3,201, while the 75th percentile tax bill reaches about $6,116. For those in the 90th percentile, the tax bill can climb to around $7,880. These property taxes significantly impact homeowners, influencing monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Red Hook's rates can be notably higher, reflecting the local government's revenue needs and public service funding requirements.
Average Red Hook Tax Bill
$4,670
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 Red Hook, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12571 | $1,927 | $3,201 | $4,670 | $6,116 | $7,880 |
Source: Ownwell