Highmount, New York Property Taxes
The median property tax rate in Highmount, NY is 1.66%, 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 Highmount at $253,000, the typical annual property tax bill reaches $4,112, exceeding the national median of $2,690. Property taxes in Highmount 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 Highmount'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 Highmount 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
Highmount, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$4,200
$4,152
Ownwell’s Highmount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highmount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highmount 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 Highmount, New York
Property taxes in Highmount, 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 Highmount is 1.66%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Highmount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highmount 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 Highmount's effective property tax rate to other counties in New York and the national median. For comparison, the 12441 zip code has both the highest and the lowest median property tax rate of 1.66%. Understanding how these cities compare with Highmount provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Highmount Tax Rate
1.66%
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 Highmount, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12441 | 1.65% | 1.66% | 1.66% | 1.66% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Highmount, New York
In Highmount, 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. Assessment notices in Highmount 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. For instance, the median home price in Highmount is $253,000, with tax bills ranging from $3,685 at the 25th percentile to $6,008 at the 90th percentile. The highest and lowest median tax bills are both $4,112 in the 12441 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Highmount Assessed Value
$253,000
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 Highmount, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12441 | $204,050 | $230,400 | $253,000 | $307,550 | $421,850 |
Source: Ownwell
Property Tax Bills Across Highmount, New York
In Highmount, Delaware County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $253,000, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. In Highmount, the 25th percentile tax bill is around $3,685, while the 75th percentile reaches $5,030, and the 90th percentile can go up to $6,008. These figures highlight the range of tax liabilities homeowners might face. Compared to the national median property tax rate of 0.99%, the rates in Highmount can be significantly higher, impacting homeowners' financial planning and overall cost of living.
Average Highmount Tax Bill
$4,112
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 Highmount, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12441 | $2,685 | $3,685 | $4,112 | $5,030 | $6,008 |
Source: Ownwell