Smyrna, New York Property Taxes
The median property tax rate in Smyrna, NY is 2.68%, 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 Smyrna at $72,894, the typical annual property tax bill reaches $1,994, which is below the national median of $2,690. Property taxes in Smyrna 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 Smyrna'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 Smyrna 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
Smyrna, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$1,954
$1,932
Ownwell’s Smyrna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smyrna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smyrna 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 Smyrna, New York
Property taxes in Smyrna, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smyrna is 2.68%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Smyrna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smyrna 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 Smyrna's effective property tax rate to other counties in New York and the national median. For comparison, the 13464 zip code has the highest median property tax rate of 2.68%, while the same zip code also has the lowest median tax rate of 2.68%. Understanding how these cities compare with Smyrna 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 Smyrna Tax Rate
2.68%
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 Smyrna, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13464 | 2.55% | 2.68% | 2.68% | 2.68% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Smyrna, New York
In Smyrna, 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 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 Smyrna, 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 Smyrna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Smyrna is $72,894, with the highest median tax bill in the 13464 zip code being $1,994 and the lowest median tax bill also in the 13464 zip code at $1,994.
Average Smyrna Assessed Value
$72,894
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 Smyrna, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13464 | $30,092 | $47,756 | $72,894 | $108,654 | $172,146 |
Source: Ownwell
Property Tax Bills Across Smyrna, New York
In Smyrna, Chenango County, NY, 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 and is used to ensure that taxes are distributed fairly among property owners. Several factors influence the assessed value, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. The tax rate in Smyrna can vary, but it is generally higher than the national median property tax rate of 0.99%. Homeowners in Smyrna can expect to pay a median property tax bill of $1,994, which is notably higher than the national median. This amount can significantly impact homeowners' finances, especially when compared to the 25th percentile tax bill of $1,297 and the 75th percentile tax bill of $2,983. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Smyrna Tax Bill
$1,994
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 Smyrna, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13464 | $805 | $1,297 | $1,994 | $2,983 | $4,465 |
Source: Ownwell