Example of Bronx County Property Tax Calculation
To calculate property taxes in Bronx County, the government uses a specific formula based on the assessed value of the property. The assessed value is determined by the local government based on factors such as property size, location, and condition.
The tax rate is also set by the local government and is expressed as a percentage of the assessed value of the property. This tax rate is then multiplied by the assessed value to determine the annual property tax.
For example, if a property in Bronx County has an assessed value of $100,000 and the tax rate is 2%, the annual property tax would be $2,000. It's important to note that this is just an example and actual property tax rates and assessed values may vary.
Property taxes are used to fund local government services such as schools, police and fire departments, and infrastructure improvements. It's important for property owners to understand how their property taxes are calculated and to pay them in a timely manner to avoid penalties and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Bronx County Property Tax Rates
The following table lists the Bronx County Property Tax rates in an easy-to-read, formatted manner. The tax rates are listed in terms of their rate per 100$ of assessed value.
| Tax | Rate per 100$ of Assessed Value |
|---|---|
| Residential | $12.902 |
| Commercial | $12.546 |
| Industrial | $17.041 |
| Utility | $12.546 |
It is important to note that these tax rates are subject to change and should be confirmed with the appropriate tax authority. As a tax advisor, it is recommended to regularly review and assess the tax rates for your clients to ensure they are compliant with all regulations and requirements.
Who sets property tax rates in Bronx County ?
Property Tax Rates in Bronx County
- Who sets the property tax rates in Bronx County?
The property tax rates in Bronx County are set by the New York City Council and the Mayor's Office of Management and Budget.
- When are the property tax rates set?
The property tax rates are set annually during the city's budget process. The fiscal year for New York City runs from July 1st to June 30th, and the property tax rates are typically set in late spring or early summer.
- How are property tax rates calculated?
The property tax rates in Bronx County are based on the assessed value of the property and the tax rate set by the city. The assessed value is determined by the New York City Department of Finance, which uses a formula to calculate the value based on the property's physical characteristics, location, and market conditions.
- What is the current property tax rate in Bronx County?
As of the 2021 fiscal year, the property tax rate in Bronx County is $12.39 per $100 of assessed value for residential properties and $19.76 per $100 of assessed value for commercial properties.
- Are there any exemptions or discounts available?
Yes, there are several exemptions and discounts available for certain property owners, including those who are senior citizens, disabled, or veterans. Property owners can contact the New York City Department of Finance for more information on eligibility and how to apply.
Homestead exemptions in Bronx County ?
The following table lists all the county-specific Homestead exemptions and deductions in Bronx County, New York:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic STAR exemption | All homeowners | Up to $305 | Must own and live in the home as their primary residence |
| Enhanced STAR exemption | Senior citizens (over 65 years old) with qualifying income | Up to $1,392 | Must own and live in the home as their primary residence |
| Senior citizen exemption | Senior citizens (over 65 years old) with qualifying income | Up to 50% of assessed value or $29,000, whichever is less | Must own and live in the home as their primary residence and meet income restrictions |
| Disability exemption | Individuals with qualifying disabilities | Up to $50,000 | Must own and live in the home as their primary residence and provide proof of disability |
| Veterans exemption | Veterans who served during wartime or were injured in the line of duty | Up to $25,000 | Must own and live in the home as their primary residence and provide proof of military service |
| Clergy exemption | Clergy members with a housing allowance | Up to 100% of assessed value | Must be ordained or licensed and live in the home as their primary residence |
| School tax relief (STAR) credit | Homeowners with qualifying income | Up to $1,128 | Must own and live in the home as their primary residence and meet income restrictions |
Note: These exemptions and deductions are subject to change and may have additional qualifications or restrictions. Homeowners should contact their local assessor's office for more information on eligibility and application requirements.
When is Bronx County Property Tax due ?
Bronx County Property Tax Due Date and Payment Methods
Bronx County Property Tax is typically due on January 1st of each year. However, property owners have until January 15th to pay their taxes without incurring any interest or penalty fees.
There are several payment methods available for property owners to use. These include:
| Payment Method | Description |
|---|---|
| Online Payment | Property owners can pay their property taxes online using their credit card or e-check through the city's Department of Finance website. |
| Mail-In Payment | Property owners can also mail in their payment to the Department of Finance along with the payment voucher that is included with their tax bill. |
| In-Person Payment | Property owners can pay their taxes in person at any of the Department of Finance's Business Centers located throughout the city. |
It's important to note that failing to pay property taxes on time can result in hefty interest and penalty fees. In some cases, the city may even place a lien on the property, which could lead to foreclosure if the owner fails to pay the outstanding taxes. Therefore, it's essential for property owners to be aware of the due date and make timely payments to avoid any financial consequences.
If you have more questions - contact your local tax collector.
How is Bronx County Property Tax penalty calculated ?
Bronx County Property Tax Penalty Calculation
When it comes to paying property taxes in Bronx County, it's important to know how the penalty is calculated. Here is a breakdown of the steps involved in determining the penalty for late payment:
-
Determine the Due Date: The first step is to determine the due date for the property tax payment. In Bronx County, property taxes are due on January 1st of each year.
-
Determine the Grace Period: After the due date, there is a grace period during which taxpayers can still make their payments without incurring a penalty. In Bronx County, the grace period is until January 31st.
-
Calculate Penalty: If the taxpayer fails to make the payment by January 31st, a penalty will be assessed. The penalty is calculated as a percentage of the unpaid taxes and is charged on a monthly basis until the taxes are paid in full.
The example below demonstrates the calculation of the penalty for a $10,000 property tax bill that was not paid by January 31st in Bronx County:
| Step | Calculation | Amount |
|---|---|---|
| 1. | Tax Due | $10,000 |
| 2. | Grace Period | 0 |
| 3. | Penalty | $200 |
| 4. | Total Due | $10,200 |
In this example, the penalty is calculated as 2% of the unpaid taxes, which is $200 for the first month. If the taxpayer fails to pay the taxes by February 28th, an additional 2% penalty will be assessed, bringing the total penalty to $400.
In conclusion, it's crucial to pay property taxes on time to avoid penalties. If a taxpayer is unable to make the payment by the due date, they should contact the Bronx County tax office to discuss payment options and avoid further penalties.
We recommend contacting the Bronx County Tax Office or a local tax professional for the most up-to-date and accurate information.