Monroe, New York Property Taxes
The median property tax rate in Monroe, NY is 2.84%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $236,900 in Monroe, the typical annual property tax bill reaches $6,564, far exceeding the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Monroe's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Monroe or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$6,728
$6,652
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, New York
Property taxes in Monroe, New York, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 2.84%, significantly higher than the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other areas in New York and the national median. For comparison, the 10950 zip code has the highest median property tax rate of 2.84%, while the same zip code also has the lowest median tax rate of 2.84%. Understanding how these figures compare with Monroe provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
2.84%
Average Orange County Tax Rate
2.78%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10950 | 2.22% | 2.22% | 2.84% | 3.32% | 3.45% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, New York
In Monroe, 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 Orange 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 Monroe, 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 Monroe is $236,900, with tax bills ranging from $3,645 at the 25th percentile to $14,198 at the 90th percentile. 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monroe Assessed Value
$236,900
Average Orange County Assessed Value
$278,100
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10950 | $108,200 | $156,300 | $236,900 | $351,700 | $465,800 |
Source: Ownwell
Property Tax Bills Across Monroe, New York
In Monroe, located in Orange County, NY, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $236,900, homeowners can expect varying tax bills depending on the assessed value and specific tax rates applicable in their area. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The tax bill can range significantly: at the 25th percentile, homeowners might pay around $3,645, while those at the 75th percentile could face bills as high as $11,050. In some cases, tax bills can reach up to $14,198 at the 90th percentile. The median tax bill for the area, notably in the 10950 zip code, stands at $6,564, reflecting the area's relatively high property tax rates compared to the national median of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners' financial responsibilities.
Average Monroe Tax Bill
$6,564
Average Orange County Tax Bill
$7,888
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10950 | $2,094 | $3,645 | $6,564 | $11,050 | $14,198 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Orange Assessment Review Commission | |
| Website | gis.orangecountygov.com |