Durham, New York Property Taxes
The median property tax rate in Durham, NY is 2.04%, 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 Durham at $241,200, the typical annual property tax bill reaches $4,801, exceeding the national median of $2,690. Property taxes in Durham 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 Durham'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 Durham 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
Durham, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$4,920
$4,865
Ownwell’s Durham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Durham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Durham 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 Durham, New York
Property taxes in Durham, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Durham is 2.04%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Durham set these rates annually, and they can vary across different neighborhoods. Each year, Durham 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 Durham's effective property tax rate to other counties in New York and the national median. For comparison, the 12422 ZIP code has both the highest and lowest median property tax rate of 2.04%. Understanding how these areas compare with Durham provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Durham Tax Rate
2.04%
Average Greene County Tax Rate
2.04%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Durham, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12422 | 1.85% | 2.04% | 2.04% | 2.04% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Durham, New York
In Durham, 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 Greene 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 Durham, 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. The median home price in Durham is $241,200, with tax bills ranging from $3,361 at the 25th percentile to $10,003 at the 90th percentile. The highest and lowest median tax bills both stand at $4,801, found in zip code 12422. 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 Durham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Durham Assessed Value
$241,200
Average Greene County Assessed Value
$210,370
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Durham, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12422 | $109,800 | $164,200 | $241,200 | $370,600 | $494,100 |
Source: Ownwell
Property Tax Bills Across Durham, New York
In Durham, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the home's size, location, and condition can influence its assessed value. For example, the median home price in Durham is $241,200, which serves as a benchmark for calculating property taxes. Homeowners in Durham can expect their tax bills to vary significantly. The 25th percentile tax bill is around $3,361, while the 75th percentile reaches up to $6,182. For those at the higher end, the 90th percentile tax bill can soar to $10,003. This variability means that while some homeowners may find their tax bills manageable, others may face considerable financial burdens. Compared to the national median property tax rate of 0.99%, Durham's rates can be both a challenge and a reflection of the value placed on local public services and infrastructure.
Average Durham Tax Bill
$4,801
Average Greene County Tax Bill
$4,183
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Durham, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12422 | $2,241 | $3,361 | $4,801 | $6,182 | $10,003 |
Source: Ownwell