Richmond, New York Property Taxes
The median property tax rate in Richmond, NY is 1.67%, 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 Richmond, the typical annual property tax bill reaches $7,478, exceeding the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$7,496
$7,412
Ownwell’s Richmond Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Richmond. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Richmond to provide an accurate estimate of your property tax bill. This valuable resource helps you anticipate potential tax liabilities, ensuring you are well-prepared. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Richmond, New York
Property taxes in Richmond, New York, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 1.72%, significantly higher than both the New York state median of 1.38% and the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 10301 has the highest median property tax rate of 1.72%, while the zip code 10301 also has the lowest median tax rate of 1.72%. Understanding how these areas compare with Richmond provides valuable insights into the varying tax landscape across Richmond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
1.67%
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 Richmond, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01254 | 1.67% | 1.67% | 1.67% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, New York
In Richmond, 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 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 Richmond, 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Richmond are both $7,478, found in zip code 01254.
Average Richmond Assessed Value
$448,864
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 Richmond, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01254 | $448,864 | $448,864 | $448,864 | $448,864 | $448,864 |
Source: Ownwell
Property Tax Bills Across Richmond, New York
In Richmond, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate set by the local government. Unlike many areas where tax rates can vary significantly, Richmond has a relatively uniform tax bill, with the 25th, 75th, and 90th percentiles all at $7,478. This consistency simplifies budgeting for homeowners but also means there's less variation in tax burdens across different property values. The local median home price in Richmond is $448,864, which is significantly higher than the national median. This higher property value, combined with the local tax rate, results in tax bills that are notably above the national median property tax rate of 0.99%. For homeowners, this means that while the assessed values and tax rates are predictable, the overall tax burden can be substantial. Understanding these factors is crucial for homeowners as they plan their finances and consider the long-term costs of property ownership in Richmond.
Average Richmond Tax Bill
$7,478
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 Richmond, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01254 | $7,478 | $7,478 | $7,478 | $7,478 | $7,478 |
Source: Ownwell