Hampton, New York Property Taxes
The median property tax rate in Hampton, NY is 2.21%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Hampton at $130,315, the typical annual property tax bill reaches $2,851, surpassing the national median of $2,690. Property taxes in Hampton are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hampton'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 Hampton 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
Hampton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$2,880
$2,847
Ownwell’s Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, New York
Property taxes in Hampton, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 2.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other areas in New York and the national median. For comparison, the 12837 zip code has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these areas compare with Hampton provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampton Tax Rate
2.21%
Average Washington County Tax Rate
2.41%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12837 | 2.08% | 2.21% | 2.21% | 2.37% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, New York
In Hampton, 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 local assessment office 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 Hampton, 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 Hampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 12837, with a median tax bill of $2,851.
Average Hampton Assessed Value
$130,315
Average Washington County Assessed Value
$158,585
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12837 | $56,400 | $83,376 | $130,315 | $176,000 | $227,931 |
Source: Ownwell
Property Tax Bills Across Hampton, New York
In Hampton, Washington County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, determined by the local assessor's office. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $130,315, the tax bill can vary significantly. Homeowners at the 25th percentile can expect a tax bill around $1,795, while those at the 75th percentile might see a bill closer to $3,915. At the 90th percentile, tax bills can reach up to $5,178. These variations depend on property value and specific local tax rates. Compared to the national median property tax rate of 0.99%, Hampton's rates can lead to higher tax bills, impacting homeowners' financial planning and overall cost of living. Understanding these factors helps homeowners anticipate their annual property tax obligations more accurately.
Average Hampton Tax Bill
$2,851
Average Washington County Tax Bill
$3,943
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12837 | $1,236 | $1,795 | $2,851 | $3,915 | $5,178 |
Source: Ownwell