Eldred, New York Property Taxes
The median property tax rate in Eldred, NY is 1.02%, slightly higher than the national median of 0.99% but significantly lower than the New York state median of 2.39%. With a median home value of $203,021, the typical annual property tax bill in Eldred reaches $2,000, which is below the national median of $2,690. Property taxes in Eldred are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Eldred'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 Eldred 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
Eldred, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,071
$1,922
Ownwell’s Eldred Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eldred with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eldred 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 Eldred, New York
Property taxes in Eldred, 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 Eldred is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Eldred set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eldred 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 Eldred's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12732 has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these areas compare with Eldred provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eldred Tax Rate
1.02%
Average Sullivan County Tax Rate
1.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldred, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12732 | 0.89% | 1.02% | 1.02% | 1.03% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Eldred, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Eldred, NY. 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 Sullivan 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 Eldred 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 Eldred helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Eldred are both $2,000 in the 12732 zip code, providing a benchmark for local property tax expectations.
Average Eldred Assessed Value
$203,021
Average Sullivan County Assessed Value
$159,121
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eldred, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12732 | $103,472 | $150,182 | $203,021 | $266,632 | $381,944 |
Source: Ownwell
Property Tax Bills Across Eldred, New York
In Eldred, located in Sullivan County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Once the property is assessed, the tax rate, set by local government entities, is applied to this value to determine the annual tax bill. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and the specific tax rates set by local authorities. Homeowners in Eldred can expect their tax bills to vary, with the 25th percentile tax bill around $1,429 and the 75th percentile reaching up to $2,550. The 90th percentile tax bill can go as high as $3,456, highlighting the range of property tax burdens in the area. These property taxes significantly impact homeowners, as they represent a recurring cost tied to property ownership. Compared to the national median property tax rate of 0.99%, Eldred's tax rates reflect the local economic conditions and funding requirements for public services.
Average Eldred Tax Bill
$2,000
Average Sullivan County Tax Bill
$2,467
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldred, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12732 | $1,017 | $1,429 | $2,000 | $2,550 | $3,456 |
Source: Ownwell