Alma, New York Property Taxes
The median property tax rate in Alma, NY is 4.04%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $56,000 in Alma, the typical annual property tax bill reaches $2,241, which is slightly below the national median of $2,690. Property taxes in Alma are calculated based on the tax assessed value, often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Alma's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Alma or another part of Allegany County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Alma, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.04%
Estimate Property Tax Bill
$2,262
$2,237
Ownwell’s Alma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alma 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 Alma, New York
Property taxes in Alma, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alma is 4.04%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Alma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alma 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 Alma's effective property tax rate to other counties in New York and the national median. For comparison, the 14708 zip code has the highest median property tax rate of 4.04%, while the same zip code also has the lowest median tax rate of 4.04%. Understanding how these cities compare with Alma 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 Alma Tax Rate
4.04%
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 Alma, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14708 | 3.45% | 3.81% | 4.04% | 4.04% | 4.04% |
Source: Ownwell
Property Tax Assessment Values Across Alma, New York
In Alma, NY, 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 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 Alma, 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 Alma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Alma is $2241.00 in the 14708 zip code, while the lowest median tax bill is also $2241.00 in the same zip code.
Average Alma Assessed Value
$56,000
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 Alma, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14708 | $19,870 | $30,700 | $56,000 | $78,946 | $108,043 |
Source: Ownwell
Property Tax Bills Across Alma, New York
In the city of Alma, located in Allegany County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Alma is $56,000. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, a homeowner in Alma might see a tax bill ranging from $1,292 at the 25th percentile to $3,175 at the 75th percentile, with some reaching up to $4,050 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Alma's tax rates can significantly impact homeowners, making it crucial for residents to understand their assessments and potential exemptions. In Allegany County, the highest and lowest median tax bills are both $2,241, indicating a relatively uniform tax burden across different areas within the county.
Average Alma Tax Bill
$2,241
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 Alma, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14708 | $660 | $1,292 | $2,241 | $3,175 | $4,050 |
Source: Ownwell