Great Valley, New York Property Taxes
The median property tax rate in Great Valley, NY is 1.26%, which is higher than the national median of 0.99% but lower than the New York state median of 2.39%. With a median home value of $119,208 in Great Valley, the typical annual property tax bill amounts to $1,619, which is below the national median of $2,690. Property taxes in Great Valley are calculated based on the tax assessed value, often lower than the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Great Valley'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 Great Valley or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Great Valley, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,502
$1,485
Ownwell’s Great Valley Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Great Valley. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Great Valley to provide an accurate estimate of your property tax bill. This valuable resource offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Cattaraugus County for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Great Valley, New York
Property taxes in Great Valley, New York, play a crucial role in financing essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Great Valley is 1.26%, surpassing both the New York state median and the U.S. national median of 0.99%. Local government entities within Great Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Great Valley 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 Great Valley's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 14741 has both the highest and lowest median property tax rate of 1.26%. Understanding how these areas compare with Great Valley provides valuable insights into the varying tax landscape across Cattaraugus County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Great Valley Tax Rate
1.26%
Average Cattaraugus County Tax Rate
1.53%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Great Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14741 | 1.26% | 1.26% | 1.26% | 1.42% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Great Valley, New York
In Great Valley, 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 Cattaraugus County Assessment Department 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 Great Valley, 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 Great Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Great Valley is $119,208, with tax bills ranging from $1,002 at the 25th percentile to $3,803 at the 90th percentile. The highest and lowest median tax bills are both $1,619 in the 14741 zip code.
Average Great Valley Assessed Value
$119,208
Average Cattaraugus County Assessed Value
$88,597
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Great Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14741 | $46,821 | $79,176 | $119,208 | $187,896 | $267,468 |
Source: Ownwell
Property Tax Bills Across Great Valley, New York
In Great Valley, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. The assessed value is a percentage of the market value of the property. Homeowners in Great Valley, Cattaraugus County, can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate. For example, the median home price in Great Valley is $119,208. Property tax bills range from the 25th percentile at $1,002 to the 75th percentile at $2,581, with the 90th percentile reaching up to $3,803. This variation indicates that higher-valued properties are taxed more, reflecting their greater assessed value. The highest and lowest median tax bills in the area are both $1,619, found in the 14741 zip code. Compared to the national median property tax rate of 0.99%, Great Valley's tax rates can be seen as relatively high or low depending on the specific assessed value and applicable exemptions. This system ensures that homeowners contribute fairly to local services based on their property's value.
Average Great Valley Tax Bill
$1,619
Average Cattaraugus County Tax Bill
$1,508
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Great Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14741 | $593 | $1,002 | $1,619 | $2,581 | $3,803 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Cattaraugus Assessment Review Commission | |
| Website | maps.cattco.org |