Bronx, New York Property Taxes
The median property tax rate in Bronx, NY is 0.64%, considerably lower than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Bronx at $867,000, the typical annual property tax bill reaches $5,761, which exceeds the national median of $2,690. Property taxes in Bronx 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 Bronx'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 Bronx 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
Bronx, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$5,549
$5,486
Ownwell’s Bronx Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in the Bronx with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in the Bronx 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 Bronx, New York
Property taxes in Bronx, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bronx is 0.64%, which is lower than both the New York state median and the U.S. national median of 0.99%. Local government entities within Bronx set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bronx 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 Bronx's effective property tax rate to other counties in New York and the national median. For comparison, the 10463 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Bronx provides valuable insights into the varying tax landscape across New York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bronx Tax Rate
0.64%
Average New York County Tax Rate
5.41%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bronx, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10463 | 0.48% | 0.58% | 0.64% | 0.76% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Bronx, New York
In Bronx, 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 New York 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 Bronx, 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 Bronx helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bronx are both $5,711, found in the 10463 zip code.
Average Bronx Assessed Value
$867,000
Average New York County Assessed Value
$5,233,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bronx, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10463 | $420,014 | $628,000 | $864,000 | $1,043,000 | $1,278,200 |
Source: Ownwell
Property Tax Bills Across Bronx, New York
Property tax bills in Bronx, New York, are calculated based on the assessed value of a property, which is determined by the local government. This assessed value is a percentage of the property's market value, and it is subject to periodic reassessment to reflect changes in the market. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property type, location, and any exemptions or abatements also play a role in the final calculation. For homeowners in Bronx, the median home price stands at $867,000. The tax bills vary significantly, with the 25th percentile at $3,332 and the 75th percentile at $6,776. The highest median tax bill in the area is $5,711, found in the 10463 zip code. Compared to the national median property tax rate of 0.99%, Bronx homeowners may find their tax bills higher due to the area's property values and local tax rates. This can have a substantial impact on household budgets, making it essential for homeowners to understand their tax obligations and explore potential exemptions.
Average Bronx Tax Bill
$5,761
Average New York County Tax Bill
$16,162
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Bronx, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10463 | $2,691 | $3,276 | $5,711 | $6,716 | $8,043 |
Source: Ownwell