Montezuma, New York Property Taxes
The median property tax rate in Montezuma, NY is 2.91%, 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 $92,097 in Montezuma, the typical annual property tax bill reaches $2,645, slightly below the national median of $2,690. Property taxes in Montezuma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Montezuma'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 Montezuma or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montezuma, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.91%
Estimate Property Tax Bill
$2,680
$2,650
Ownwell’s Montezuma Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Montezuma with just two data points. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Montezuma to estimate your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Cayuga County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Montezuma, New York
Property taxes in Montezuma, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montezuma is 2.91%, significantly higher than the U.S. national median of 0.99%. Local government entities within Montezuma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montezuma 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 Montezuma's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 13117 has the highest median property tax rate of 2.91%, while the same zip code also has the lowest median tax rate of 2.91%. Understanding how these areas compare with Montezuma provides valuable insights into the varying tax landscape across Cayuga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montezuma Tax Rate
2.91%
Average Cayuga County Tax Rate
2.43%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montezuma, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13117 | 2.76% | 2.86% | 2.91% | 2.98% | 3.11% |
Source: Ownwell
Property Tax Assessment Values Across Montezuma, New York
In Montezuma, 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 Cayuga 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 Montezuma, 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 Montezuma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 13117, with a median tax bill of $2,645, while the zip code with the lowest median tax bill is also 13117, showing consistency in the region.
Average Montezuma Assessed Value
$92,097
Average Cayuga County Assessed Value
$136,353
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montezuma, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13117 | $40,323 | $64,839 | $92,097 | $120,968 | $149,839 |
Source: Ownwell
Property Tax Bills Across Montezuma, New York
In Montezuma, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors influencing the assessed value include the property’s market value, location, and any improvements made to the property. For homeowners in Montezuma, the median home price is $92,097. Property tax bills can vary significantly, with the 25th percentile at $1,841 and the 75th percentile at $3,354, reflecting differences in property values and tax rates. The highest median tax bill in the area is $2,645, found in the 13117 zip code. These property taxes fund essential local services such as schools, emergency services, and infrastructure maintenance. Homeowners in Montezuma may find their property taxes higher or lower than the national median property tax rate of 0.99%, depending on their home’s assessed value and the specific tax rates applied.
Average Montezuma Tax Bill
$2,645
Average Cayuga County Tax Bill
$3,328
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Montezuma, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13117 | $1,096 | $1,841 | $2,645 | $3,354 | $4,286 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Cayuga Assessment Review Commission | |
| Website | ccgis.cayugacounty.us |