Carmel, New York Property Taxes
The median property tax rate in Carmel, NY is 3.46%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Carmel, the typical annual property tax bill reaches $10,629, far exceeding the national median of $2,690. Property taxes in Carmel 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 Carmel'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 Carmel 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
Carmel, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.46%
Estimate Property Tax Bill
$10,814
$10,035
Ownwell’s Carmel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carmel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carmel 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 Carmel, New York
Property taxes in Carmel, 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 Carmel is 3.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carmel 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 Carmel's effective property tax rate to other counties in New York and the national median. For comparison, the 10512 zip code has both the highest and lowest median property tax rate of 3.46%. Understanding how these areas compare with Carmel provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carmel Tax Rate
3.46%
Average Putnam County Tax Rate
3.27%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carmel, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10512 | 3.01% | 3.36% | 3.46% | 3.74% | 3.74% |
Source: Ownwell
Property Tax Assessment Values Across Carmel, New York
In Carmel, 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 local 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 Carmel, 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 Carmel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 10512 has the highest median tax bill at $10,629.
Average Carmel Assessed Value
$312,545
Average Putnam County Assessed Value
$378,400
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carmel, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10512 | $163,680 | $230,108 | $312,545 | $408,602 | $554,620 |
Source: Ownwell
Property Tax Bills Across Carmel, New York
In Carmel, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. Homeowners in Carmel face varying tax bills, with the 25th percentile paying around $7,771 annually, while those in the 75th percentile see bills as high as $13,700. For the top 10% of homeowners, tax bills can reach up to $17,946. The median home price in Carmel is $312,545, and the median property tax bill stands at $10,629, which is significantly higher than the national median property tax rate of 0.99%. These property taxes can substantially impact homeowners, influencing their overall cost of living and potentially affecting their financial planning and decisions regarding property investments.
Average Carmel Tax Bill
$10,629
Average Putnam County Tax Bill
$11,749
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Carmel, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10512 | $4,801 | $7,771 | $10,629 | $13,700 | $17,946 |
Source: Ownwell