Cambridge, New York Property Taxes
The median property tax rate in Cambridge, NY is 2.51%, 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 Cambridge, the typical annual property tax bill reaches $4,444, exceeding the national median of $2,690. Property taxes in Cambridge 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 Cambridge'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 Cambridge 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
Cambridge, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.51%
Estimate Property Tax Bill
$4,142
$4,095
Ownwell’s Cambridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge 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 Cambridge, New York
Property taxes in Cambridge, 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 Cambridge is 2.51%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cambridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge 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 Cambridge's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12816 has the highest median property tax rate of 2.51%, while the same zip code also has the lowest median tax rate of 2.51%. Understanding how these areas compare with Cambridge provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge Tax Rate
2.51%
Average Washington County Tax Rate
2.41%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12816 | 2.27% | 2.42% | 2.51% | 2.91% | 3.14% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, New York
In Cambridge, 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 Washington 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 Cambridge, 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 Cambridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cambridge are both $4,444, found in the 12816 zip code.
Average Cambridge Assessed Value
$165,000
Average Washington County Assessed Value
$158,585
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12816 | $80,000 | $120,000 | $165,000 | $228,675 | $320,000 |
Source: Ownwell
Property Tax Bills Across Cambridge, New York
In Cambridge, located in Washington 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 is meant to reflect the market value of the property. Homeowners in Cambridge typically see property tax bills that vary significantly. For instance, the tax bill at the 25th percentile is $3,105, while at the 75th percentile, it rises to $5,906, and at the 90th percentile, it can reach up to $7,964. The median home price in Cambridge is $165,000, which plays a crucial role in determining the tax bill. Compared to the national median property tax rate of 0.99%, the property taxes in Cambridge can be relatively higher, affecting homeowners by increasing their annual expenses. This discrepancy underscores the importance of understanding local property tax calculations, as they can significantly impact a homeowner's financial obligations.
Average Cambridge Tax Bill
$4,444
Average Washington County Tax Bill
$3,943
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12816 | $2,038 | $3,105 | $4,444 | $5,906 | $7,964 |
Source: Ownwell