Philmont, New York Property Taxes
The median property tax rate in Philmont, NY is 1.89%, 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 Philmont at $180,460, the typical annual property tax bill reaches $3,373, exceeding the national median of $2,690. Property taxes in Philmont 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 Philmont'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 Philmont 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
Philmont, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$3,411
$3,372
Ownwell’s Philmont Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Philmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philmont 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 Columbia County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Philmont, New York
Property taxes in Philmont, New York, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Philmont is 1.89%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Philmont set these rates annually, and they can vary across different neighborhoods. Each year, Philmont 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 Philmont's effective property tax rate to other areas in New York and the national median. For comparison, the 12565 zip code has the highest median property tax rate of 1.89%, while the same zip code also records the lowest median tax rate of 1.89%. Understanding how these areas compare with Philmont provides valuable insights into the varying tax landscape across Columbia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philmont Tax Rate
1.89%
Average Columbia County Tax Rate
1.71%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philmont, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12565 | 1.78% | 1.89% | 1.89% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Philmont, New York
In Philmont, 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 Columbia County assessment office 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 Philmont, 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 Philmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills both stand at $3,373 in the 12565 zip code.
Average Philmont Assessed Value
$180,460
Average Columbia County Assessed Value
$284,810
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philmont, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12565 | $74,713 | $137,644 | $180,460 | $224,138 | $270,115 |
Source: Ownwell
Property Tax Bills Across Philmont, New York
In Philmont, Columbia County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessment reflects the market value of the property, considering factors such as location, property size, and improvements. Homeowners in Philmont face a median property tax bill of around $3,373, which is significantly higher than the national median of 0.99%. Tax bills can vary widely within the area, with the 25th percentile at $2,494 and the 75th percentile at $4,134, indicating a substantial range depending on property specifics. The 90th percentile tax bill reaches up to $5,035, highlighting the potential for even higher costs for certain properties. These tax rates can significantly impact homeowners, affecting monthly budgets and overall financial planning. Understanding how these factors interplay is crucial for homeowners to anticipate their property tax obligations accurately.
Average Philmont Tax Bill
$3,373
Average Columbia County Tax Bill
$4,915
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Philmont, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12565 | $1,374 | $2,494 | $3,373 | $4,134 | $5,035 |
Source: Ownwell