Highmount, New York Property Taxes
The median property tax rate in Highmount, NY is 1.74%, 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 Highmount, the typical annual property tax bill reaches $4,492, exceeding the national median of $2,690. Property taxes in Highmount 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 Highmount'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 Highmount 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
Highmount, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$4,486
$4,163
Ownwell’s Highmount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highmount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highmount 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 Highmount, New York
Property taxes in Highmount, New York, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Highmount is 1.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Highmount set these rates annually, and they can vary across different neighborhoods. Each year, Highmount 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. For comparison, the zip code 12441 in Ulster County has the same median property tax rate of 1.74%. Understanding how these areas compare with Highmount 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 Highmount Tax Rate
1.74%
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 Highmount, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12441 | 1.55% | 1.55% | 1.74% | 1.74% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Highmount, New York
In Highmount, 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 Highmount, 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 Highmount helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Highmount is $4,492, found in the 12441 zip code, which is also the lowest median tax bill in the area.
Average Highmount Assessed Value
$257,838
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 Highmount, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12441 | $106,270 | $170,540 | $257,838 | $379,730 | $465,946 |
Source: Ownwell
Property Tax Bills Across Highmount, New York
In Highmount, located in Ulster 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 is meant to reflect a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Highmount, the median home price is $257,838, which is used as a benchmark to estimate property taxes. The tax bill can vary significantly, with the 25th percentile paying around $2,868 and the 75th percentile facing a tax bill of $6,456. At the higher end, the 90th percentile sees tax bills reaching up to $7,669. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Highmount's property tax rate and resulting bills are notably higher than the national median property tax rate of 0.99%, making it crucial for homeowners to stay informed about their property assessments and potential tax liabilities.
Average Highmount Tax Bill
$4,492
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 Highmount, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12441 | $1,699 | $2,868 | $4,492 | $6,456 | $7,669 |
Source: Ownwell