Verbank, New York Property Taxes
The median property tax rate in Verbank, NY is 1.95%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Verbank at $373,600, the typical annual property tax bill reaches $7,117, far exceeding the national median of $2,690. Property taxes in Verbank 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 Verbank'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 Verbank or another part of Dutchess County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Verbank, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$7,285
$7,203
Ownwell’s Verbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verbank 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 Verbank, New York
Property taxes in Verbank, 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 Verbank is 1.95%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Verbank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verbank 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 Verbank's effective property tax rate to other counties in New York and the national median. For comparison, the 12585 zip code has the highest median property tax rate of 1.95%, while the 12585 zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Verbank provides valuable insights into the varying tax landscape across Dutchess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verbank Tax Rate
1.95%
Average Dutchess County Tax Rate
2.86%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verbank, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12585 | 1.90% | 1.95% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Verbank, New York
In Verbank, NY, 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 Dutchess 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 Verbank, 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. The highest median tax bill in Verbank is $7,117 in the 12585 zip code, which is above the national median property tax rate of 0.99%. 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 Verbank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Verbank Assessed Value
$373,600
Average Dutchess County Assessed Value
$321,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verbank, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12585 | $234,980 | $286,500 | $373,600 | $478,200 | $652,700 |
Source: Ownwell
Property Tax Bills Across Verbank, New York
In Verbank, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by the local tax assessor and is meant to represent the market value of the property. Homeowners in Verbank, located in Dutchess County, typically see property tax bills that range significantly. For instance, the 25th percentile tax bill is around $5,499, while the 75th percentile tax bill can reach up to $9,158. At the 90th percentile, tax bills can soar to approximately $12,410. This variability in tax bills means that homeowners with higher-valued properties or those in more desirable locations may face substantially higher tax obligations. The median home price in Verbank is $373,600, and the property tax rate in Dutchess County is higher than the national median of 0.99%. This elevated tax rate can impact homeowners by increasing their annual financial burden, making it crucial for them to understand their property's assessed value and the local tax rate.
Average Verbank Tax Bill
$7,117
Average Dutchess County Tax Bill
$9,388
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Verbank, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12585 | $4,364 | $5,499 | $7,117 | $9,158 | $12,410 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Dutchess Assessment Review Commission | |
| Website | gis.dutchessny.gov |