Cincinnatus, New York Property Taxes
The median property tax rate in Cincinnatus, NY is 2.94%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Cincinnatus at $56,790, the typical annual property tax bill reaches $1,671, which is below the national median of $2,690. Property taxes in Cincinnatus are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cincinnatus'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 Cincinnatus 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
Cincinnatus, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$1,670
$1,651
Ownwell’s Cincinnatus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cincinnatus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cincinnatus 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 Cincinnatus, New York
Property taxes in Cincinnatus, 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 Cincinnatus is 2.94%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Cincinnatus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cincinnatus 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 Cincinnatus's effective property tax rate to other counties in New York and the national median. For comparison, the 13040 zip code has the highest median property tax rate of 2.94%, while the same zip code also has the lowest median tax rate of 2.94%. Understanding how these cities compare with Cincinnatus provides valuable insights into the varying tax landscape across Chenango County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cincinnatus Tax Rate
2.94%
Average Chenango County Tax Rate
3.08%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cincinnatus, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13040 | 2.94% | 2.94% | 2.94% | 2.96% | 3.07% |
Source: Ownwell
Property Tax Assessment Values Across Cincinnatus, New York
In Cincinnatus, 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 Chenango County Assessor's 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 Cincinnatus, 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. For instance, the highest median tax bill in Cincinnatus is $1,671 in the zip code 13040, while the lowest median tax bill is also $1,671 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cincinnatus Assessed Value
$56,790
Average Chenango County Assessed Value
$92,500
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cincinnatus, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13040 | $22,815 | $31,358 | $56,790 | $103,704 | $150,707 |
Source: Ownwell
Property Tax Bills Across Cincinnatus, New York
In Cincinnatus, located in Chenango 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 Cincinnatus is $56,790. Homeowners can expect their property tax bills to vary significantly depending on the assessed value and specific tax rates applied by local authorities. For instance, the tax bill at the 25th percentile is $926, while at the 75th percentile, it rises to $2,991. Those at the 90th percentile face tax bills as high as $4,510. The highest and lowest median tax bill in the area is $1,671, both found in the zip code 13040. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, the tax rates in Cincinnatus reflect the local economic conditions and public service needs, influencing the overall cost of homeownership in the region.
Average Cincinnatus Tax Bill
$1,671
Average Chenango County Tax Bill
$2,965
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cincinnatus, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13040 | $662 | $926 | $1,671 | $2,991 | $4,510 |
Source: Ownwell