Grahamsville, New York Property Taxes
The median property tax rate in Grahamsville, NY is 2.47%, 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 Grahamsville, the typical annual property tax bill reaches $2,944, exceeding the national median of $2,690. Property taxes in Grahamsville 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 Grahamsville'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 Grahamsville 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
Grahamsville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.47%
Estimate Property Tax Bill
$3,023
$2,805
Ownwell’s Grahamsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grahamsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grahamsville 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 Grahamsville, New York
Property taxes in Grahamsville, 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 Grahamsville is 2.47%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Grahamsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grahamsville 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 Grahamsville's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12740 has the highest median property tax rate of 2.47%, while the same zip code also has the lowest median tax rate of 2.47%. Understanding how these areas compare with Grahamsville provides valuable insights into the varying tax landscape across Ulster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grahamsville Tax Rate
2.47%
Average Ulster County Tax Rate
2.67%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grahamsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12740 | 2.37% | 2.47% | 2.47% | 2.47% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Grahamsville, New York
In Grahamsville, 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 Ulster 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 Grahamsville, 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. For instance, the highest median tax bill in Grahamsville is $2,944 in the 12740 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 Grahamsville Assessed Value
$122,374
Average Ulster County Assessed Value
$268,649
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grahamsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12740 | $45,122 | $70,244 | $122,374 | $180,673 | $245,993 |
Source: Ownwell
Property Tax Bills Across Grahamsville, New York
In Grahamsville, 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 Ulster County assessor, who evaluates the property's market value and then applies an assessment ratio to arrive at the assessed value. This assessed value is then multiplied by the local property tax rate to calculate the tax bill. Homeowners in Grahamsville can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is around $1,670, while the 75th percentile tax bill is significantly higher at approximately $4,354. At the 90th percentile, tax bills can reach up to $6,075. The highest median tax bill in the area is $2,944, which is consistent across the region. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the quality of life in the community. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Grahamsville Tax Bill
$2,944
Average Ulster County Tax Bill
$6,879
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Grahamsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12740 | $1,065 | $1,670 | $2,944 | $4,354 | $6,075 |
Source: Ownwell