Holmes, New York Property Taxes
The median property tax rate in Holmes, NY is 2.82%, 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 Holmes at $340,500, the typical annual property tax bill reaches $9,829, exceeding the national median of $2,690. Property taxes in Holmes 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 Holmes'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 Holmes or another part of Dutchess County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Holmes, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$9,602
$8,910
Ownwell’s HOLMES Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOLMES with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOLMES 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 Holmes, New York
Property taxes in Holmes, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holmes is 2.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Holmes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holmes 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 Holmes' effective property tax rate to other counties in New York and the national median. For comparison, the 12531 zip code has the highest median property tax rate of 2.82%, while the same 12531 zip code also has the lowest median tax rate of 2.82%. Understanding how these cities compare with Holmes provides valuable insights into the varying tax landscape across Dutchess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holmes Tax Rate
2.82%
Average Dutchess County Tax Rate
2.86%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holmes, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12531 | 2.72% | 2.72% | 2.82% | 3.01% | 3.26% |
Source: Ownwell
Property Tax Assessment Values Across Holmes, New York
In Holmes, 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 local assessment authority 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 Holmes, 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 Holmes is $340,500, with tax bills ranging from $7,655 at the 25th percentile to $16,014 at the 90th percentile. Notably, the highest and lowest median tax bills both stand at $9,829 in zip code 12531. 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 the tax burden.
Average Holmes Assessed Value
$340,500
Average Dutchess County Assessed Value
$321,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holmes, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12531 | $192,460 | $269,500 | $340,500 | $430,900 | $549,380 |
Source: Ownwell
Property Tax Bills Across Holmes, New York
In Holmes, Dutchess County, NY, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of your property. For instance, with a median home price of $340,500, the property tax rate in this region can significantly impact the annual tax bill. Several factors contribute to the final tax bill, including property size, location, and any applicable exemptions. The tax bill ranges widely, with the 25th percentile at $7,655 and the 75th percentile at $12,371. For those in the 90th percentile, the tax bill can reach up to $16,014. The highest median tax bill in the area is $9,829, found in the 12531 zip code. These property taxes fund essential services like schools, infrastructure, and emergency services, directly affecting homeowners. Compared to the national median property tax rate of 0.99%, Holmes residents often face higher tax bills, reflecting the region's commitment to maintaining robust public services.
Average Holmes Tax Bill
$9,829
Average Dutchess County Tax Bill
$9,388
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Holmes, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12531 | $5,562 | $7,655 | $9,829 | $12,371 | $16,014 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
|---|
Links | |
|---|---|
| Dutchess Assessment Review Commission | |
| Website | gis.dutchessny.gov |