Thompson Ridge, New York Property Taxes
The median property tax rate in Thompson Ridge, NY is 2.58%, 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 Thompson Ridge at $293,350, the typical annual property tax bill reaches $7,545, exceeding the national median of $2,690. Property taxes in Thompson Ridge 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 Thompson Ridge'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 Thompson Ridge 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
Thompson Ridge, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$7,568
$7,023
Ownwell’s Thompson Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompson Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompson Ridge 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 Thompson Ridge, New York
Property taxes in Thompson Ridge, 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 Thompson Ridge is 2.58%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Thompson Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompson Ridge 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 Thompson Ridge's effective property tax rate to other areas in New York and the national median. For comparison, the 10985 zip code within Orange County has the highest median property tax rate of 2.58%, while the same zip code also has the lowest median tax rate of 2.58%. Understanding how these cities compare with Thompson Ridge 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 Thompson Ridge Tax Rate
2.58%
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 Thompson Ridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10985 | 2.53% | 2.58% | 2.58% | 2.58% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Thompson Ridge, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thompson Ridge, NY. 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 Thompson Ridge, 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 Thompson Ridge is $293,350, and understanding the distinction between these valuation concepts can help property owners better navigate their tax responsibilities. The zip code with the highest and lowest median tax bill is 10985, both at $7,545. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Thompson Ridge, New York
Source: Ownwell
$122,700
$313,000
$503,300
Average Thompson Ridge Assessed Value
$293,350
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 Thompson Ridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10985 | $198,600 | $246,250 | $293,350 | $361,575 | $458,000 |
Source: Ownwell
Property Tax Bills Across Thompson Ridge, New York
In Thompson Ridge, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, homeowners in Thompson Ridge, located in Orange County, pay a median property tax bill of $7,545, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For example, tax bills in the 25th percentile are around $6,276, while those in the 75th percentile can reach $9,310. The 90th percentile sees tax bills as high as $11,832. These substantial property taxes can impact homeowners by increasing the overall cost of homeownership, affecting monthly mortgage payments, and influencing decisions about home improvements and property investments.
Average Thompson Ridge Tax Bill
$7,545
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 Thompson Ridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10985 | $4,982 | $6,276 | $7,545 | $9,310 | $11,832 |
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 |