Broadalbin, New York Property Taxes
The median property tax rate in Broadalbin, NY, is 2.23%, 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 Broadalbin at $178,740, the typical annual property tax bill reaches $3,715, exceeding the national median of $2,690. Property taxes in Broadalbin are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broadalbin'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 Broadalbin 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
Broadalbin, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$3,986
$3,699
Ownwell’s Broadalbin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadalbin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadalbin 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 Broadalbin, New York
Property taxes in Broadalbin, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadalbin is 2.23%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Broadalbin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadalbin 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 Broadalbin's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12025 has the highest median property tax rate of 2.23%, while the same zip code also has the lowest median tax rate of 2.23%. Understanding how these cities compare with Broadalbin provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadalbin Tax Rate
2.23%
Average Fulton County Tax Rate
2.23%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadalbin, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12025 | 1.64% | 1.94% | 2.23% | 2.23% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Broadalbin, New York
In Broadalbin, 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 Fulton County Assessor 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 Broadalbin, 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 Broadalbin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 12025 has the highest and lowest median tax bill, both at $3,715.
Average Broadalbin Assessed Value
$178,740
Average Fulton County Assessed Value
$117,346
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broadalbin, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12025 | $77,512 | $122,835 | $178,740 | $269,212 | $377,953 |
Source: Ownwell
Property Tax Bills Across Broadalbin, New York
Property tax bills in Broadalbin, located in Fulton County, NY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and is intended to reflect the property's fair market value. Once the property's assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, age, and condition. Local government budgets and public service needs also play a crucial role in determining the tax rate. For homeowners in Broadalbin, this means that their property tax bills can vary significantly. For instance, the median home price in Broadalbin is $178,740, with property tax bills ranging from $2,441 at the 25th percentile to $8,069 at the 90th percentile. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Homeowners must budget for these taxes as part of their overall housing costs.
Average Broadalbin Tax Bill
$3,715
Average Fulton County Tax Bill
$2,522
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadalbin, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12025 | $1,368 | $2,441 | $3,715 | $5,613 | $8,069 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Fulton Assessment Review Commission | |
| Website | sdg.fultoncountyny.gov |