Hyde Park, New York Property Taxes
The median property tax rate in Hyde Park, NY is 2.73%, 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 Hyde Park being $186,309, the typical annual property tax bill reaches $5,092, exceeding the national median of $2,690. Property taxes in Hyde Park 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 Hyde Park'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 Hyde Park 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
Hyde Park, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.73%
Estimate Property Tax Bill
$5,086
$5,029
Ownwell’s Hyde Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hyde Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hyde Park 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 Hyde Park, New York
Property taxes in Hyde Park, New York, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hyde Park is 1.93%, significantly higher than both the New York state median of 1.38% and the U.S. national median of 0.99%. Local government entities within Hyde Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hyde Park 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 Hyde Park's effective property tax rate to other counties in New York and the national median. For comparison, the 12538 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Hyde Park 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 Hyde Park Tax Rate
2.73%
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 Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12538 | 2.73% | 2.73% | 2.73% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Hyde Park, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hyde Park, New York. 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 local 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 Hyde Park, 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 Hyde Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $5092, found in the 12538 zip code.
Average Hyde Park Assessed Value
$186,309
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 Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12538 | $177,385 | $180,732 | $186,309 | $191,886 | $195,233 |
Source: Ownwell
Property Tax Bills Across Hyde Park, New York
Property tax bills in Hyde Park, Ulster County, NY, are determined based on the assessed value of a property, which is calculated by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Hyde Park, the median home price is $186,309. Homeowners in this area can expect tax bills that vary significantly, with the 25th percentile at $4,940 and the 75th percentile at $5,245. The 90th percentile reaches up to $5,336. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. The local tax rate in Hyde Park is notably higher than the national median property tax rate of 0.99%, reflecting the region's specific fiscal needs and public service funding requirements. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions on property improvements and long-term financial planning.
Average Hyde Park Tax Bill
$5,092
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 Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12538 | $4,848 | $4,940 | $5,092 | $5,245 | $5,336 |
Source: Ownwell