Minerva, New York Property Taxes
The median property tax rate in Minerva, NY is 1.89%, 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 Minerva at $126,500, the typical annual property tax bill reaches $2,366, which is below the national median of $2,690. Property taxes in Minerva 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 Minerva'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 Minerva 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
Minerva, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$2,391
$2,364
Ownwell’s Minerva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minerva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minerva 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 Minerva, New York
Property taxes in Minerva, 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 Minerva is 1.89%, significantly higher than the U.S. national median of 0.99%. Local government entities within Minerva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minerva 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 Minerva's effective property tax rate to other areas and the national median. For comparison, the zip code 12851 has the highest median property tax rate of 1.89%, while the lowest median tax rate is also 1.89%. Understanding how these areas compare with Minerva provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minerva Tax Rate
1.89%
Average Essex County Tax Rate
1.92%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minerva, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12851 | 1.79% | 1.89% | 1.89% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Minerva, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Minerva, 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 Essex 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 Minerva, 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. The median home price in Minerva is $126,500, with tax bills ranging from $1,428 at the 25th percentile to $5,102 at the 90th percentile. The zip code with the highest and lowest median tax bill is 12851, with a value of $2,366. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Minerva Assessed Value
$126,500
Average Essex County Assessed Value
$151,489
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minerva, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12851 | $48,880 | $79,100 | $126,500 | $179,550 | $266,250 |
Source: Ownwell
Property Tax Bills Across Minerva, New York
Property tax bills in Minerva, Essex County, NY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor’s office, which evaluates the market value of the property. Once the market value is established, it is multiplied by the assessment ratio to arrive at the assessed value. The local tax rate is then applied to this assessed value to compute the annual property tax bill. Factors influencing the tax bill include the property's location, size, and any improvements or renovations made. In Minerva, the median home price is $126,500. Homeowners in the 25th percentile can expect a tax bill of approximately $1,428, while those in the 75th percentile may see bills around $3,348. The 90th percentile tax bill can reach up to $5,102. This variation in tax bills affects homeowners by influencing their overall housing costs and potentially impacting property values. Compared to the national median property tax rate of 0.99%, Minerva's rates reflect the unique economic and property conditions of the area.
Average Minerva Tax Bill
$2,366
Average Essex County Tax Bill
$2,966
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Minerva, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12851 | $851 | $1,428 | $2,366 | $3,348 | $5,102 |
Source: Ownwell