Marathon, New York Property Taxes
The median property tax rate in Marathon, NY is 3.15%, significantly higher than both the national median of 0.99% and New York's state median of 2.39%. With the median home value in Marathon at $106,954, the typical annual property tax bill reaches $3,194, surpassing the national median of $2,690. Property taxes in Marathon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marathon'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 Marathon 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
Marathon, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.15%
Estimate Property Tax Bill
$3,369
$3,331
Ownwell’s Marathon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marathon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marathon 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 Marathon, New York
Property taxes in Marathon, 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 Marathon is 3.15%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Marathon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marathon 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 Marathon's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13803 has both the highest and lowest median property tax rate of 3.15%. Understanding how these cities compare with Marathon provides valuable insights into the varying tax landscape across Cortland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marathon Tax Rate
3.15%
Average Cortland County Tax Rate
3.26%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marathon, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13803 | 1.11% | 2.53% | 3.15% | 3.42% | 4.01% |
Source: Ownwell
Property Tax Assessment Values Across Marathon, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marathon, New York. 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 local 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 Marathon, 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. For example, in Marathon, the median home price is $106,954. The 25th percentile tax bill is $1,844, while the 75th percentile tax bill is $4,598, and the 90th percentile tax bill reaches $6,114. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $3,194 in the zip code 13803.
Average Marathon Assessed Value
$106,954
Average Cortland County Assessed Value
$117,179
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marathon, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13803 | $46,227 | $78,736 | $106,954 | $152,613 | $219,565 |
Source: Ownwell
Property Tax Bills Across Marathon, New York
In Marathon, Cortland 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 of the property. Once the assessed value is established, local tax rates, set by various taxing authorities such as the city, county, and school districts, are applied to calculate the final tax bill. Homeowners in Marathon experience a range of property tax bills. The 25th percentile tax bill is $1,844, while those in the 75th percentile pay around $4,598. The tax bill for the 90th percentile reaches up to $6,114. These figures highlight the variability in property tax burdens based on property values and applicable tax rates. For perspective, the national median property tax rate is 0.99%, making Marathon's property tax rates relatively high. Homeowners must account for these taxes in their annual budgets, as they can significantly impact overall housing costs and affordability.
Average Marathon Tax Bill
$3,194
Average Cortland County Tax Bill
$3,928
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Marathon, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13803 | $894 | $1,844 | $3,194 | $4,598 | $6,114 |
Source: Ownwell