Richmond County, New York Property Taxes
The median property tax rate in Richmond County is 0.85%, which is lower than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $698,000, the typical annual property tax bill in Richmond County reaches $5,884, significantly higher than the national median of $2,690. Property taxes in Richmond County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Richmond County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Staten Island or another part of Richmond County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richmond County, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$5,933
$5,506
Ownwell’s Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Richmond with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Richmond to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Richmond County, New York
Property taxes in Richmond County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Richmond County is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Richmond County set these rates annually, and they can vary significantly between different areas within the county. Each year, Richmond County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Richmond County's effective property tax rate with other counties in New York and the national median. For comparison, the city of Staten Island has one of the higher property tax rates in New York at 0.85%, while the city of Staten Island also boasts one of the lowest at 0.85%. Analyzing how Richmond County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Richmond County Tax Rate
0.85%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond County, New York
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Staten Island | 0.62% | 0.75% | 0.85% | 0.95% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Richmond County, New York
In Richmond County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Richmond County Appraisal District. The assessed value, however, 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. Assessment notices in Richmond County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, the median home price in Richmond County is $698,000, with tax bills ranging from $4,428 at the 25th percentile to $9,362 at the 90th percentile. Staten Island has the highest and lowest median tax bill at $5,884. Being aware of these valuation processes in Richmond County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Richmond County, New York
Source: Ownwell
$516,000
$690,500
$865,000
Average Richmond County Assessed Value
$698,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond County, New York
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Staten Island | $450,000 | $577,000 | $698,000 | $856,000 | $1,060,000 |
Source: Ownwell
Property Tax Bills Across Richmond County, New York
In Richmond County, NY, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The median home price in this area is $698,000, and the tax rate is applied to this assessed value to calculate the annual property tax bill. Various factors influence the assessed value, including the home's market value, location, and any applicable exemptions. Homeowners in Richmond County experience a range of tax bills, with the 25th percentile at $4,428 and the 75th percentile at $7,441, indicating significant variation based on property value and exemptions. The tax burden can be substantial, especially when compared to the national median property tax rate of 0.99%. For instance, the 90th percentile tax bill in Richmond County reaches $9,362, reflecting higher property values and tax rates. This financial obligation directly impacts homeowners, influencing their overall cost of living and potentially affecting decisions related to homeownership and real estate investments.
Average Richmond County Tax Bill
$5,884
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond County, New York
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Staten Island | $3,218 | $4,428 | $5,884 | $7,441 | $9,362 |
Source: Ownwell