Farmersville Station, New York Property Taxes
The median property tax rate in Farmersville Station, NY is 2.99%, 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 Farmersville Station, the typical annual property tax bill reaches $2,449, which is below the national median of $2,690. Property taxes in Farmersville Station 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 Farmersville Station'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 Farmersville Station 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
Farmersville Station, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$2,350
$2,324
Ownwell’s Farmersville Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmersville Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmersville Station 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 Farmersville Station, New York
Property taxes in Farmersville Station, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmersville Station is 2.99%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Farmersville Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmersville Station 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 Farmersville Station's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 14060 has the highest median property tax rate of 2.99%, while the same zip code also has the lowest median tax rate of 2.99%. Understanding how these areas compare with Farmersville Station 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 Farmersville Station Tax Rate
2.99%
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 Farmersville Station, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14060 | 2.47% | 2.86% | 2.99% | 3.26% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across Farmersville Station, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmersville Station, New York. 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 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. Assessment notices in Farmersville Station 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. The median home price in Farmersville Station is $78,600, with the 25th percentile tax bill at $1,693 and the 75th percentile tax bill at $3,669. The zip code 14060 has the highest and lowest median tax bill at $2,449. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Farmersville Station, New York
Source: Ownwell
$5,395
$66,698
$128,000
Average Farmersville Station Assessed Value
$78,600
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 Farmersville Station, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14060 | $37,059 | $55,400 | $78,600 | $123,200 | $192,600 |
Source: Ownwell
Property Tax Bills Across Farmersville Station, New York
In Farmersville Station, Allegany County, NY, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the tax bill. The median home price in Farmersville Station is $78,600, and the property tax rate in Allegany County is higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and improvements. For instance, tax bills in the 25th percentile are around $1,693, while those in the 75th percentile reach up to $3,669. The 90th percentile tax bills can be as high as $5,352, indicating significant variability based on property characteristics. For homeowners, this means that their annual tax bill can vary considerably depending on these factors. Higher property taxes can impact affordability and overall cost of homeownership, making it crucial for residents to understand how their tax bill is determined and explore potential exemptions or appeals if they believe their assessment is too high.
Average Farmersville Station Tax Bill
$2,449
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 Farmersville Station, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14060 | $798 | $1,693 | $2,449 | $3,669 | $5,352 |
Source: Ownwell