Hopewell Junction, New York Property Taxes
The median property tax rate in Hopewell Junction, NY is 3.37%, 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 Hopewell Junction at $388,292, the typical annual property tax bill reaches $12,324, exceeding the national median of $2,690. Property taxes in Hopewell Junction 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 Hopewell Junction'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 Hopewell Junction 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
Hopewell Junction, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.37%
Estimate Property Tax Bill
$13,085
$12,938
Ownwell’s Hopewell Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopewell Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopewell Junction 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 Hopewell Junction, New York
Property taxes in Hopewell Junction, 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 Hopewell Junction is 3.37%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Hopewell Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopewell Junction 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 Hopewell Junction's effective property tax rate to other counties in New York and the national median. For comparison, the 12533 zip code has the highest median property tax rate of 3.37%, while the same zip code also has the lowest median tax rate of 3.37%. Understanding how these cities compare with Hopewell Junction 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 Hopewell Junction Tax Rate
3.37%
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 Hopewell Junction, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12533 | 2.56% | 3.31% | 3.37% | 3.37% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell Junction, New York
In Hopewell Junction, 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 Hopewell Junction, 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 Hopewell Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 12533, amounting to $12,324, while the lowest median tax bill also falls within the same zip code, reflecting a diverse range of property values and tax responsibilities.
Property Tax Assessment Values Across Hopewell Junction, New York
Source: Ownwell
$13,900
$495,650
$977,400
Average Hopewell Junction Assessed Value
$388,292
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 Hopewell Junction, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12533 | $258,208 | $300,418 | $388,292 | $500,418 | $776,583 |
Source: Ownwell
Property Tax Bills Across Hopewell Junction, New York
In Hopewell Junction, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors like property location, home size, and market conditions influence the assessed value. Homeowners in Hopewell Junction face a significant tax burden, with the median home price at $388,292. The tax bill can vary widely, from the 25th percentile at $9,915 to the 90th percentile at $22,814, highlighting the disparity in tax obligations based on property value and other factors. The highest and lowest median tax bills in the area, both at $12,324, are found within the same zip code, 12533, indicating a consistent yet high tax rate compared to the national median property tax rate of 0.99%. This substantial tax responsibility can impact homeowners' financial planning and overall affordability of living in the area.
Average Hopewell Junction Tax Bill
$12,324
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 Hopewell Junction, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12533 | $8,336 | $9,915 | $12,324 | $15,353 | $22,814 |
Source: Ownwell