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New York Property Tax Monitor Property taxation, assessment, valuation by local governments throughout New York State

New York’s Wealthiest Communities Pay the Lowest Property Taxes, Report Finds

Posted in Property Tax News, Property Tax Trends

New York State notoriously has one of the highest property tax burdens in the United States, leading the nation by several measures. Yet, within the State, the picture is far more complex and varied. Despite the fact that the majority of property wealth is located downstate in New York City and the suburbs of Nassau and Westchester County, a new report shows that upstate New Yorkers pay a disproportionately larger percentage of property taxes. According to the report, “[t]he highest tax rates are in places with low property values, while the lowest rates are in wealthy areas.

Gloversville, in upstate Fulton County, ranked first in the State with the highest effective tax rate, followed by Binghamton, which was ranked first last year. Surprisingly, the lowest effective tax rates among cities in New York State were found in Westchester, where Rye had an effective rate of only $14.46 per $1,000 of home value while it also had the highest median property value of $630,000. Interestingly, according to the report, “[t]he lowest-taxed community in the state is the Village of Sagaponack in Long Island’s Hamptons, which had an effective rate of just $1.19 per $1,000. Sagoponack also was the lowest-taxed community in last year’s survey.”

With votes on school budgets looming in the near future, New York State residents must once again consider what they’re getting for their money.