Grand Gorge, New York Property Taxes
The median property tax rate in Grand Gorge, NY is 1.98%, 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 Grand Gorge, the typical annual property tax bill reaches $2,714, exceeding the national median of $2,690. Property taxes in Grand Gorge 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 Grand Gorge'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 Grand Gorge 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
Grand Gorge, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.98%
Estimate Property Tax Bill
$2,541
$2,513
Ownwell’s Grand Gorge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Gorge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Gorge 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 Grand Gorge, New York
Property taxes in Grand Gorge, 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 Grand Gorge is 1.98%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Grand Gorge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Gorge 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. Understanding how Grand Gorge's effective property tax rate compares to other areas in Delaware County and the national median provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Gorge Tax Rate
1.98%
Average Delaware County Tax Rate
2.34%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Gorge, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12434 | 1.93% | 1.98% | 1.98% | 2.33% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Grand Gorge, New York
In Grand Gorge, 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 Delaware 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 Grand Gorge, 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 Grand Gorge 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 $2,714 in the 12434 zip code, while the lowest is also $2,714 in the same zip code.
Average Grand Gorge Assessed Value
$128,350
Average Delaware County Assessed Value
$129,271
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Gorge, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12434 | $48,900 | $85,975 | $128,350 | $177,525 | $247,100 |
Source: Ownwell
Property Tax Bills Across Grand Gorge, New York
In Grand Gorge, Delaware County, NY, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the property's market value, which is periodically evaluated by local assessors. Homeowners in Grand Gorge experience a range of property tax bills, with the 25th percentile paying around $1,830 and the 75th percentile paying approximately $3,750 annually. At the 90th percentile, the tax bill can rise to about $4,880. Several factors influence the final tax bill, including property size, location, and any improvements made. Additionally, local government budgets and school district funding needs play a significant role in determining the tax rate. This means that even if the assessed value of a home remains constant, tax bills can fluctuate based on these external factors. For homeowners, understanding these components is crucial for financial planning, as property taxes represent a significant ongoing expense compared to the national median property tax rate of 0.99%.
Average Grand Gorge Tax Bill
$2,714
Average Delaware County Tax Bill
$3,106
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Gorge, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12434 | $1,029 | $1,830 | $2,714 | $3,750 | $4,880 |
Source: Ownwell