Alfred, New York Property Taxes
The median property tax rate in Alfred, NY is 4.71%, 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 Alfred at $119,336, the typical annual property tax bill reaches $5,538, exceeding the national median of $2,690. Property taxes in Alfred 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 Alfred'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 Alfred 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
Alfred, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.71%
Estimate Property Tax Bill
$5,621
$5,557
Ownwell’s Alfred Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alfred with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alfred 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 Alfred, New York
Property taxes in Alfred, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alfred is 4.71%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Alfred set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alfred 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 Alfred's effective property tax rate to other counties in New York and the national median. For comparison, the 14802 zip code has the highest median property tax rate of 4.71%, while the 14802 zip code also has the lowest median tax rate of 4.71%. Understanding how these cities compare with Alfred provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alfred Tax Rate
4.71%
Average Allegany County Tax Rate
3.64%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alfred, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14802 | 4.71% | 4.71% | 4.71% | 4.71% | 4.71% |
Source: Ownwell
Property Tax Assessment Values Across Alfred, New York
In Alfred, 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 Allegany County 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 Alfred, 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. Alfred's median home price is $119,336, with the highest and lowest median tax bills being $5,538 in the 14802 zip code. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Alfred Assessed Value
$119,336
Average Allegany County Assessed Value
$72,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alfred, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14802 | $75,369 | $95,900 | $119,336 | $148,421 | $184,170 |
Source: Ownwell
Property Tax Bills Across Alfred, New York
In Alfred, located in Allegany 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 and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Alfred, the median home price is $119,336. Property tax bills can vary significantly, with those in the 25th percentile paying around $4,352 annually, while those in the 75th percentile face bills of approximately $6,849. At the higher end, the 90th percentile sees tax bills as high as $8,395. The highest and lowest median tax bills in the area both stand at $5,538, suggesting a relatively consistent tax rate across different properties. These tax bills are crucial for homeowners as they represent a significant annual expense. Understanding how these taxes are calculated can help homeowners manage their finances more effectively and anticipate changes in their tax obligations.
Average Alfred Tax Bill
$5,538
Average Allegany County Tax Bill
$2,710
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Alfred, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14802 | $3,547 | $4,352 | $5,538 | $6,849 | $8,395 |
Source: Ownwell