Geneseo, New York Property Taxes
The median property tax rate in Geneseo, NY is 2.64%, 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 Geneseo, the typical annual property tax bill reaches $5,645, exceeding the national median of $2,690. Property taxes in Geneseo 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 Geneseo'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 Geneseo 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
Geneseo, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.64%
Estimate Property Tax Bill
$5,665
$5,602
Ownwell’s Geneseo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneseo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneseo 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 Geneseo, New York
Property taxes in Geneseo, New York, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneseo is 2.64%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Geneseo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneseo 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 Geneseo's effective property tax rate to other counties in New York and the national median. For comparison, the 14454 zip code has the highest median property tax rate of 2.64%, while the same zip code also has the lowest median tax rate of 2.64%. Understanding how these cities compare with Geneseo provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneseo Tax Rate
2.64%
Average Livingston County Tax Rate
2.99%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneseo, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14454 | 2.31% | 2.31% | 2.64% | 2.83% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Geneseo, New York
In Geneseo, NY, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Livingston County Assessment 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 Geneseo, 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 Geneseo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 14454 has the highest and lowest median tax bill, both at $5645.
Average Geneseo Assessed Value
$214,600
Average Livingston County Assessed Value
$161,700
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneseo, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14454 | $123,000 | $163,700 | $214,600 | $304,600 | $437,380 |
Source: Ownwell
Property Tax Bills Across Geneseo, New York
Property tax bills in Geneseo, located in Livingston County, NY, are calculated based on the assessed value of a property and the applicable tax rate. The assessed value is determined by the local assessor and is a percentage of the market value of the home. For instance, with a median home price of $214,600, the assessed value serves as the foundation for the tax calculation. The tax rate in Geneseo can vary, but it is crucial to note that local factors such as school district funding, municipal services, and infrastructure projects significantly influence it. Homeowners in Geneseo can expect property tax bills to range widely, with the 25th percentile tax bill at $4,332 and the 75th percentile reaching $7,786. For those in the 90th percentile, the tax bill can climb to $10,641. Compared to the national median property tax rate of 0.99%, Geneseo's rates can be relatively high, impacting homeowners by increasing annual housing costs and influencing decisions on property investments.
Average Geneseo Tax Bill
$5,645
Average Livingston County Tax Bill
$4,819
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneseo, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14454 | $3,257 | $4,332 | $5,645 | $7,786 | $10,641 |
Source: Ownwell