Galway, New York Property Taxes
The median property tax rate in Galway, NY is 1.61%, 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 Galway, the typical annual property tax bill reaches $3,267, exceeding the national median of $2,690. Property taxes in Galway 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 Galway'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 Galway 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
Galway, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$3,514
$3,261
Ownwell’s Galway Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Galway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galway 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 Galway, New York
Property taxes in Galway, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galway is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within Galway set these rates annually, and they can vary across different neighborhoods. Each year, Galway 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 Galway's effective property tax rate to other areas in Saratoga County and the national median. For comparison, the zip code 12074 has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these areas compare with Galway provides valuable insights into the varying tax landscape across Saratoga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galway Tax Rate
1.61%
Average Saratoga County Tax Rate
1.62%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galway, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12074 | 0.46% | 1.33% | 1.61% | 1.73% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Galway, New York
In Galway, 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 Saratoga County Assessor's Office 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 Galway, 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 Galway 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 in Galway is 12074, with a value of $3,267.
Average Galway Assessed Value
$218,254
Average Saratoga County Assessed Value
$282,609
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galway, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12074 | $93,729 | $154,000 | $218,254 | $302,834 | $393,155 |
Source: Ownwell
Property Tax Bills Across Galway, New York
Property tax bills in Galway, located in Saratoga County, NY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. To calculate the tax bill, the assessed value is multiplied by the tax rate set by local taxing authorities. Factors such as property size, location, and improvements can influence the assessed value. In Galway, the median home price is $218,254, with property tax bills varying significantly. Homeowners in the 25th percentile pay around $1,748, while those in the 75th percentile face bills of approximately $4,816. The most substantial tax bills, in the 90th percentile, can reach up to $6,278. Comparatively, the national median property tax rate is 0.99%, highlighting the variability in tax burdens across different areas. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Galway Tax Bill
$3,267
Average Saratoga County Tax Bill
$4,340
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Galway, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12074 | $806 | $1,748 | $3,267 | $4,816 | $6,278 |
Source: Ownwell