Friendship, New York Property Taxes
The median property tax rate in Friendship, NY is 4.08%, 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 Friendship, the typical annual property tax bill reaches $2,580, nearly matching the national median of $2,690. Property taxes in Friendship 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 Friendship'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 Friendship 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
Friendship, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.08%
Estimate Property Tax Bill
$2,528
$2,500
Ownwell’s Friendship Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Friendship with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Friendship 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 Friendship, New York
Property taxes in Friendship, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Friendship is 4.08%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Friendship set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friendship 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 Friendship's effective property tax rate to other counties in New York and the national median. For comparison, the 14739 zip code has the highest median property tax rate of 4.08%, while the same zip code also has the lowest median tax rate of 4.08%. Understanding how these cities compare with Friendship 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 Friendship Tax Rate
4.08%
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 Friendship, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14739 | 3.39% | 3.68% | 4.08% | 4.38% | 4.82% |
Source: Ownwell
Property Tax Assessment Values Across Friendship, New York
In Friendship, 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 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 Friendship, 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 Friendship helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,580 in the 14739 zip code, which is also the lowest median tax bill.
Average Friendship Assessed Value
$61,972
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 Friendship, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14739 | $25,157 | $40,481 | $61,972 | $95,452 | $138,707 |
Source: Ownwell
Property Tax Bills Across Friendship, New York
In Friendship, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, which in Friendship is influenced by the median home price of $61,972. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homeowners in Friendship might see tax bills ranging from $1,682 at the 25th percentile to $3,721 at the 75th percentile, with the 90th percentile reaching up to $5,190. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the specific economic and regulatory environment of Allegany County. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual household budgets. Accurate assessments and awareness of potential exemptions can make a considerable difference in managing these expenses.
Average Friendship Tax Bill
$2,580
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 Friendship, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14739 | $1,038 | $1,682 | $2,580 | $3,721 | $5,190 |
Source: Ownwell