Hankins, New York Property Taxes
The median property tax rate in Hankins, NY is 0.99%, aligning with the national median of 0.99% but significantly lower than the New York state median of 2.39%. With the median home value in Hankins at $162,200, the typical annual property tax bill amounts to $2,396, which is below the national median of $2,690. Property taxes in Hankins are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hankins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hankins 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
Hankins, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,606
$1,588
Ownwell’s Hankins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hankins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hankins 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 Hankins, New York
Property taxes in Hankins, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hankins is 1.23%, higher than both the New York state median of 1.23% and the U.S. national median of 0.99%. Local government entities within Hankins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hankins 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 Hankins's effective property tax rate to other counties in New York and the national median. For comparison, the 12741 zip code has the highest median property tax rate of 1.23%, while the 12741 zip code has the lowest median tax rate of 1.23%. Understanding how these cities compare with Hankins 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 Hankins Tax Rate
0.99%
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 Hankins, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12741 | 0.85% | 0.99% | 0.99% | 1.01% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Hankins, New York
Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Hankins, NY. 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 Hankins, 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 median home price in Hankins stands at $162,200, with tax bills ranging from $1,263 at the 25th percentile to $4,281 at the 90th percentile. The highest and lowest median tax bills are both found in the 12741 zip code, with a value of $2,396. 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 Hankins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hankins Assessed Value
$162,200
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 Hankins, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12741 | $95,880 | $124,500 | $162,200 | $282,700 | $412,920 |
Source: Ownwell
Property Tax Bills Across Hankins, New York
In Hankins, located in Sullivan County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Homeowners in Hankins typically see a range of tax bills, with the 25th percentile at $1,263 and the 75th percentile at $3,343. The 90th percentile tax bill can go up to $4,281, reflecting the variability in property values and tax rates within the area. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. These elements collectively determine the final amount a homeowner owes. For instance, a home with a median price of $162,200 in Hankins would have its tax bill influenced by the local tax rate and assessed value. Compared to the national median property tax rate of 0.99%, homeowners in Hankins may experience varying degrees of financial impact, making it essential to understand the local tax dynamics.
Average Hankins Tax Bill
$2,396
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 Hankins, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12741 | $1,168 | $1,263 | $2,396 | $3,343 | $4,281 |
Source: Ownwell