Putnam Valley, New York Property Taxes
The median property tax rate in Putnam Valley, NY is 3.06%, 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 Putnam Valley at $412,700, the typical annual property tax bill reaches $12,243, far exceeding the national median of $2,690. Property taxes in Putnam Valley 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 Putnam Valley'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 Putnam Valley 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
Putnam Valley, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.06%
Estimate Property Tax Bill
$12,629
$12,486
Ownwell’s Putnam Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Putnam Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putnam Valley 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 Putnam Valley, New York
Property taxes in Putnam Valley, 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 Putnam Valley is 3.06%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Putnam Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putnam Valley 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 Putnam Valley's effective property tax rate to other counties in New York and the national median. For comparison, the 10579 zip code has the highest median property tax rate of 3.06%, while the same zip code also has the lowest median tax rate of 3.06%. Understanding how these cities compare with Putnam Valley 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 Putnam Valley Tax Rate
3.06%
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 Putnam Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10579 | 1.19% | 2.93% | 3.06% | 3.12% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Putnam Valley, New York
In Putnam Valley, 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 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 Putnam Valley, 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 Putnam Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $12,243 in the 10579 zip code, highlighting the consistency in tax assessments within the area.
Average Putnam Valley Assessed Value
$412,700
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 Putnam Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10579 | $238,120 | $326,700 | $412,700 | $508,700 | $639,420 |
Source: Ownwell
Property Tax Bills Across Putnam Valley, New York
In Putnam Valley, NY, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the market value, which is estimated based on recent sales of comparable properties. Factors such as location, property size, and home improvements can influence the assessed value. Homeowners in Putnam Valley experience varying tax bills, with the 25th percentile paying around $8,559 and the 75th percentile facing bills up to $15,194. For those in the 90th percentile, tax bills can reach as high as $19,369. The median home price in Putnam Valley is $412,700, which significantly impacts the property tax bills. Compared to the national median property tax rate of 0.99%, Putnam Valley homeowners often pay higher rates. This can place a substantial financial burden on residents, influencing decisions on property investments and homeownership. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly.
Average Putnam Valley Tax Bill
$12,243
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 Putnam Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10579 | $3,847 | $8,559 | $12,243 | $15,194 | $19,369 |
Source: Ownwell