Hopkinton, New York Property Taxes
The median property tax rate in Hopkinton, NY is 2.93%, 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 Hopkinton at $55,914, the typical annual property tax bill reaches $1,708, surpassing the national median of $2,690. Property taxes in Hopkinton 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 Hopkinton'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 Hopkinton or another part of St. Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hopkinton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.93%
Estimate Property Tax Bill
$1,638
$1,620
Ownwell’s Hopkinton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopkinton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopkinton 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 Hopkinton, New York
Property taxes in Hopkinton, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopkinton is 2.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hopkinton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopkinton 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 Hopkinton's effective property tax rate to other counties in New York and the national median. For comparison, the 12965 zip code in Hopkinton has the highest and lowest median property tax rate of 2.93%. Understanding how these areas compare with Hopkinton provides valuable insights into the varying tax landscape across St. Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopkinton Tax Rate
2.93%
Average St. Lawrence County Tax Rate
3.02%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopkinton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12965 | 2.93% | 2.93% | 2.93% | 2.99% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Hopkinton, New York
In Hopkinton, 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 St. Lawrence 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 Hopkinton, 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 Hopkinton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 12965, with a median tax bill of $1708.
Average Hopkinton Assessed Value
$55,914
Average St. Lawrence County Assessed Value
$83,455
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopkinton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12965 | $33,635 | $41,990 | $55,914 | $84,248 | $101,248 |
Source: Ownwell
Property Tax Bills Across Hopkinton, New York
In Hopkinton, NY, 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 annual property tax bill. For instance, with a median home price of $55,914, the property tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,265 annually, while those in the 75th percentile might see bills as high as $2,501. The top 10% of property tax bills reach up to $2,976. Several factors influence these tax bills, including changes in property values and local government budgets. A key aspect for homeowners to consider is how these taxes impact their overall financial planning. Compared to the national median property tax rate of 0.99%, Hopkinton’s rates highlight the importance of understanding local tax policies. For residents, staying informed about these factors can lead to better financial decisions and potential savings.
Average Hopkinton Tax Bill
$1,708
Average St. Lawrence County Tax Bill
$2,611
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopkinton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12965 | $998 | $1,265 | $1,708 | $2,501 | $2,976 |
Source: Ownwell