Madrid, New York Property Taxes
The median property tax rate in Madrid, NY is 3.28%, 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 Madrid at $90,224, the typical annual property tax bill reaches $2,927, exceeding the national median of $2,690. Property taxes in Madrid 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 Madrid'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 Madrid 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
Madrid, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.28%
Estimate Property Tax Bill
$2,959
$2,926
Ownwell’s Madrid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madrid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madrid 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 Madrid, New York
Property taxes in Madrid, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madrid is 3.28%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Madrid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madrid 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 Madrid's effective property tax rate to other counties in New York and the national median. For comparison, the 13660 zip code has both the highest and lowest median property tax rate of 3.28%. Understanding how these cities compare with Madrid 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 Madrid Tax Rate
3.28%
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 Madrid, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13660 | 2.56% | 2.56% | 3.28% | 3.58% | 3.96% |
Source: Ownwell
Property Tax Assessment Values Across Madrid, New York
In Madrid, 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. Assessment notices in Madrid 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. For instance, the highest median tax bill in Madrid is $2,927 in zip code 13660, while the lowest is also $2,927 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Madrid Assessed Value
$90,224
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 Madrid, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13660 | $33,333 | $59,006 | $90,224 | $132,557 | $192,547 |
Source: Ownwell
Property Tax Bills Across Madrid, New York
In Madrid, located in St. Lawrence County, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in the area is $90,224. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $1,932 and the 75th percentile reaching $4,230. For those in the 90th percentile, tax bills can be as high as $5,814. The local tax rate is applied to the assessed value of the property to determine the annual tax bill. Factors such as property location, home improvements, and market conditions can influence the assessed value. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax burdens. High property taxes can impact homeowners by increasing the cost of homeownership, potentially affecting affordability and influencing decisions on property investments and home improvements. Understanding these factors can help homeowners better navigate their financial responsibilities.
Average Madrid Tax Bill
$2,927
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 Madrid, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13660 | $1,081 | $1,932 | $2,927 | $4,230 | $5,814 |
Source: Ownwell