Holmes, New York Property Taxes
The median property tax rate in Holmes, NY is 3.36%, 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 Holmes, the typical annual property tax bill reaches $12,347, far exceeding the national median of $2,690. Property taxes in Holmes 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 Holmes'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 Holmes 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
Holmes, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.36%
Estimate Property Tax Bill
$13,107
$12,959
Ownwell’s Holmes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holmes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holmes 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 Holmes, New York
Property taxes in Holmes, 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 Holmes is 3.36%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Holmes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holmes 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 Holmes's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12531 has the highest median property tax rate of 3.36%, while the same zip code also has the lowest median tax rate of 3.36%. Understanding how these areas compare with Holmes provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holmes Tax Rate
3.36%
Average Putnam County Tax Rate
3.27%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holmes, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12531 | 3.21% | 3.36% | 3.36% | 3.36% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across Holmes, New York
In Holmes, 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 Putnam 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 Holmes, 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 Holmes 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 $12,347 in zip code 12531, which is also the lowest median tax bill.
Average Holmes Assessed Value
$390,084
Average Putnam County Assessed Value
$378,400
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holmes, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12531 | $253,047 | $304,421 | $390,084 | $512,425 | $584,032 |
Source: Ownwell
Property Tax Bills Across Holmes, New York
In Holmes, located in Putnam County, 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 a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence this tax bill, including property size, location, and any improvements made to the property. For homeowners in Holmes, the median home price stands at $390,084. Property tax bills can vary significantly, with the 25th percentile at $9,818 and the 75th percentile reaching $16,663. At the 90th percentile, homeowners might see tax bills as high as $19,490. These property taxes can substantially impact homeowners, often representing a significant portion of annual expenses. Compared to the national median property tax rate of 0.99%, Holmes residents experience higher property tax bills, reflecting the region's higher property values and tax rates.
Average Holmes Tax Bill
$12,347
Average Putnam County Tax Bill
$11,749
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Holmes, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12531 | $7,799 | $9,818 | $12,347 | $16,663 | $19,490 |
Source: Ownwell