Glen Spey, New York Property Taxes
The median property tax rate in Glen Spey, NY is 1.23%, considerably higher than the national median of 0.99% but lower than the New York state median of 2.39%. With a median home value of $196,806 in Glen Spey, the typical annual property tax bill reaches $2,513, slightly below the national median of $2,690. Property taxes in Glen Spey 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 Glen Spey'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 Glen Spey or another part of Sullivan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glen Spey, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,421
$2,393
Ownwell’s Glen Spey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glen Spey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Spey 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 Glen Spey, New York
Property taxes in Glen Spey, 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 Glen Spey is 1.23%, which is higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Glen Spey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Spey 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 Glen Spey's effective property tax rate to other counties in New York and the national median. For comparison, the 12737 zip code has both the highest and lowest median property tax rate of 1.23%. Understanding how these cities compare with Glen Spey provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glen Spey Tax Rate
1.23%
Average Sullivan County Tax Rate
1.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glen Spey, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12737 | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Glen Spey, New York
In Glen Spey, 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 Sullivan 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 Glen Spey, 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. The zip code 12737 has the highest and lowest median tax bill at $2,513. Being aware of these valuation processes in Glen Spey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Glen Spey Assessed Value
$196,806
Average Sullivan County Assessed Value
$159,121
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glen Spey, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12737 | $44,722 | $113,680 | $196,806 | $272,500 | $346,250 |
Source: Ownwell
Property Tax Bills Across Glen Spey, New York
In Glen Spey, Sullivan County, NY, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and is meant to represent a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. Homeowners in Glen Spey can expect property tax bills that vary significantly; the 25th percentile tax bill is $1,576, while the 75th percentile reaches $3,346. The 90th percentile tax bill is even higher at $4,083. These tax bills can have a substantial impact on homeowners, influencing their overall housing costs and affordability. Compared to the national median property tax rate of 0.99%, Glen Spey's rates can be relatively high, reflecting the specific dynamics of the local real estate market and public funding needs.
Average Glen Spey Tax Bill
$2,513
Average Sullivan County Tax Bill
$2,467
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Glen Spey, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12737 | $966 | $1,576 | $2,513 | $3,346 | $4,083 |
Source: Ownwell