Milton, New York Property Taxes
The median property tax rate in Milton, NY is 3.09%, 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 Milton at $297,876, the typical annual property tax bill reaches $9,124, significantly exceeding the national median of $2,690. Property taxes in Milton 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 Milton'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 Milton 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
Milton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.09%
Estimate Property Tax Bill
$9,204
$9,101
Ownwell’s Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, New York
Property taxes in Milton, NY, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton is 3.09%, significantly higher than the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other counties in New York and the national median. For comparison, the 12547 zip code has the highest median property tax rate of 3.09%, while the same zip code also has the lowest median tax rate of 3.09%. Understanding how these cities compare with Milton 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 Milton Tax Rate
3.09%
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 Milton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12547 | 2.98% | 3.09% | 3.09% | 3.09% | 3.11% |
Source: Ownwell
Property Tax Assessment Values Across Milton, New York
In Milton, 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 Milton, 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. The median home price in Milton is $297,876, with tax bills varying significantly. The 25th percentile tax bill is $7,343, while the 75th percentile tax bill reaches $11,345, and the 90th percentile tax bill is $14,165. The zip code 12547 has both the highest and lowest median tax bill at $9,124. 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 Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milton Assessed Value
$297,876
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 Milton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12547 | $181,288 | $240,822 | $297,876 | $370,651 | $460,384 |
Source: Ownwell
Property Tax Bills Across Milton, New York
In Milton, 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 assessor's office, which evaluates the property's market value and applies an assessment ratio. Homeowners in Milton face a median property tax rate of 0.99%, aligning with the national median. Factors influencing the tax bill include the property's location, size, and any improvements made. For instance, the median home price in Milton is $297,876. At the 25th percentile, homeowners can expect a tax bill of around $7,343, while those in the 75th percentile might pay approximately $11,345. The highest tax bills, such as those in the 90th percentile, can reach up to $14,165. These taxes fund essential local services, including schools, infrastructure, and emergency services, impacting the overall quality of life in the community. Homeowners must budget for these costs, as they significantly influence annual expenses.
Average Milton Tax Bill
$9,124
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 Milton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12547 | $5,462 | $7,343 | $9,124 | $11,345 | $14,165 |
Source: Ownwell