Putnam Station, New York Property Taxes
The median property tax rate in Putnam Station, NY is 1.68%, 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 Putnam Station at $212,000, the typical annual property tax bill reaches $3,556, exceeding the national median of $2,690. Property taxes in Putnam Station 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 Putnam Station'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 Putnam Station 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
Putnam Station, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$3,562
$3,521
Ownwell’s Putnam Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Putnam Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putnam Station 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 Putnam Station, New York
Property taxes in Putnam Station, New York, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Putnam Station is 1.68%, significantly higher than the U.S. national median of 0.99%. Local government entities within Putnam Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putnam Station 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 Putnam Station's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12861 has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Putnam Station provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Putnam Station Tax Rate
1.68%
Average Essex County Tax Rate
1.92%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Putnam Station, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12861 | 1.14% | 1.52% | 1.68% | 1.68% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Putnam Station, New York
In Putnam Station, 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 Essex County appraisal 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 Putnam Station, 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 Putnam Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 12861 has both the highest and lowest median tax bill at $3,556, reflecting the localized nature of property taxes in the area.
Property Tax Assessment Values Across Putnam Station, New York
Source: Ownwell
$49,622
$193,461
$337,300
Average Putnam Station Assessed Value
$212,000
Average Essex County Assessed Value
$151,489
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Putnam Station, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12861 | $84,540 | $149,300 | $212,000 | $242,100 | $364,560 |
Source: Ownwell
Property Tax Bills Across Putnam Station, New York
In Putnam Station, Essex County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Putnam Station, the median home price is $212,000. The tax bills vary significantly, with the 25th percentile at $1,628 and the 75th percentile reaching $4,061. For those at the 90th percentile, tax bills can be as high as $6,116. The highest and lowest median tax bills in the area are both $3,556, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, infrastructure, and emergency services, impacting homeowners by contributing to the overall cost of homeownership. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Putnam Station Tax Bill
$3,556
Average Essex County Tax Bill
$2,966
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Putnam Station, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12861 | $1,004 | $1,628 | $3,556 | $4,061 | $6,116 |
Source: Ownwell