Melrose, New York Property Taxes
The median property tax rate in Melrose, NY is 2.37%, 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 Melrose, the typical annual property tax bill reaches $5,710, exceeding the national median of $2,690. Property taxes in Melrose 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 Melrose'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 Melrose 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
Melrose, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$5,675
$5,611
Ownwell’s Melrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose 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 Melrose, New York
Property taxes in Melrose, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose is 2.37%, which is significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in New York and the national median. For comparison, the 12121 zip code has the highest median property tax rate of 2.37%, while the 12121 zip code also has the lowest median tax rate of 2.37%. Understanding how these cities compare with Melrose provides valuable insights into the varying tax landscape across Rensselaer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melrose Tax Rate
2.37%
Average Rensselaer County Tax Rate
2.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12121 | 2.14% | 2.30% | 2.37% | 2.59% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, New York
In Melrose, 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 Rensselaer 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 Melrose, 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. For instance, the median home price in Melrose is $239,437, with tax bills varying significantly. The 25th percentile tax bill is $4,424, while the 75th percentile tax bill is $7,228, and the 90th percentile tax bill can reach up to $9,700. The zip code 12121 has the highest and lowest median tax bill at $5,710. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Melrose Assessed Value
$239,437
Average Rensselaer County Assessed Value
$193,797
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melrose, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12121 | $127,010 | $183,754 | $239,437 | $307,930 | $421,360 |
Source: Ownwell
Property Tax Bills Across Melrose, New York
In Melrose, Rensselaer 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 the local assessor and reflects a percentage of the property's market value. This assessed value is then multiplied by the tax rate set by local taxing authorities, which can include county, city, and school district taxes. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or abatements. For instance, Melrose homeowners in the 25th percentile of tax bills pay around $4,424, while those in the 75th percentile face tax bills of approximately $7,228. The highest tax bills, in the 90th percentile, can reach up to $9,700. These property taxes significantly impact homeowners by contributing to the funding of essential public services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Melrose's tax rates can be considered relatively high, reflecting the area's specific fiscal needs and property values.
Average Melrose Tax Bill
$5,710
Average Rensselaer County Tax Bill
$5,040
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12121 | $3,103 | $4,424 | $5,710 | $7,228 | $9,700 |
Source: Ownwell