Garrison, New York Property Taxes
The median property tax rate in Garrison, NY is 1.57%, 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 Garrison, the typical annual property tax bill reaches $10,894, exceeding the national median of $2,690. Property taxes in Garrison 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 Garrison'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 Garrison 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
Garrison, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$8,386
$8,291
Ownwell’s Garrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garrison 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 Garrison, New York
Property taxes in Garrison, NY, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrison is 1.57%, which is higher than the U.S. national median of 0.99%. Local government entities within Garrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrison 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 Garrison's effective property tax rate to other areas in Putnam County and the national median. For comparison, the zip code 10524 has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these areas compare with Garrison 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 Garrison Tax Rate
1.57%
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 Garrison, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10524 | 1.55% | 1.57% | 1.57% | 2.78% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Garrison, New York
In Garrison, 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 Putnam 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 Garrison, 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 Garrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Garrison are both $10,894 in zip code 10524.
Average Garrison Assessed Value
$534,136
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 Garrison, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10524 | $333,876 | $386,150 | $534,136 | $861,754 | $1,216,905 |
Source: Ownwell
Property Tax Bills Across Garrison, New York
In Garrison, Putnam County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $534,136, homeowners in Garrison can expect their property tax bills to vary significantly. The 25th percentile tax bill is approximately $8,946, while the 75th percentile tax bill reaches around $13,968. At the higher end, the 90th percentile tax bill can be as much as $18,732. These property taxes are notably higher than the national median property tax rate of 0.99%, reflecting the premium living costs in this region. Higher property tax bills can impact homeowners by increasing the overall cost of homeownership, influencing decisions on buying, selling, or investing in property improvements.
Average Garrison Tax Bill
$10,894
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 Garrison, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10524 | $6,912 | $8,946 | $10,894 | $13,968 | $18,732 |
Source: Ownwell