Sherburne, New York Property Taxes
The median property tax rate in Sherburne, NY is 2.89%, 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 Sherburne, the typical annual property tax bill reaches $3,143, exceeding the national median of $2,690. Property taxes in Sherburne 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 Sherburne'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 Sherburne 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
Sherburne, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$3,131
$3,096
Ownwell’s SHERBURNE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SHERBURNE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SHERBURNE 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 Sherburne, New York
Property taxes in Sherburne, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherburne is 2.89%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sherburne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherburne 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 Sherburne's effective property tax rate to other counties in New York and the national median. For comparison, the 13460 zip code has the highest median property tax rate of 2.89%, while the same zip code also has the lowest median tax rate of 2.89%. Understanding how these cities compare with Sherburne 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 Sherburne Tax Rate
2.89%
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 Sherburne, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13460 | 2.55% | 2.74% | 2.89% | 2.92% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Sherburne, New York
In Sherburne, 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 local authorities 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 Sherburne, 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 Sherburne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Sherburne's highest and lowest median tax bills are both $3143, found in the 13460 zip code.
Average Sherburne Assessed Value
$108,333
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 Sherburne, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13460 | $41,667 | $72,500 | $108,333 | $150,000 | $216,667 |
Source: Ownwell
Property Tax Bills Across Sherburne, New York
Property tax bills in Sherburne, located in Chenango County, NY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value determined by the local assessor. Sherburne’s property tax rate is used to multiply the assessed value, resulting in the annual tax bill. Factors such as property improvements, neighborhood changes, and market trends influence the assessed value. For homeowners, this means that a median home price of $108,333 can yield varying tax bills. For instance, the 25th percentile tax bill is $2,073, while the 75th percentile tax bill reaches $4,408. At the 90th percentile, homeowners might pay up to $6,186. These figures highlight the range of property tax obligations within the area, compared to the national median property tax rate of 0.99%. Understanding these dynamics is crucial for homeowners to manage their financial planning effectively and anticipate potential changes in their property tax obligations.
Average Sherburne Tax Bill
$3,143
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 Sherburne, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13460 | $1,180 | $2,073 | $3,143 | $4,408 | $6,186 |
Source: Ownwell