Oriskany Falls, New York Property Taxes
The median property tax rate in Oriskany Falls, NY is 2.96%, 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 Oriskany Falls at $105,572, the typical annual property tax bill reaches $3,140, exceeding the national median of $2,690. Property taxes in Oriskany Falls 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 Oriskany Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oriskany Falls 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
Oriskany Falls, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.96%
Estimate Property Tax Bill
$3,125
$3,090
Ownwell’s Oriskany Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oriskany Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oriskany Falls 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 Oriskany Falls, New York
Property taxes in Oriskany Falls, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oriskany Falls is 2.96%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Oriskany Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oriskany Falls 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 Oriskany Falls' effective property tax rate to other areas in New York and the national median. For comparison, the 13425 zip code has the highest median property tax rate of 2.96%, while the same zip code also has the lowest median tax rate of 2.96%. Understanding how these areas compare with Oriskany Falls provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oriskany Falls Tax Rate
2.96%
Average Madison County Tax Rate
3.06%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oriskany Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13425 | 2.95% | 2.96% | 2.96% | 2.97% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Oriskany Falls, New York
In Oriskany Falls, 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 Madison 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 Oriskany Falls, 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, the median home price in Oriskany Falls is $105,572, with tax bills ranging from $2,013 at the 25th percentile to $6,596 at the 90th percentile. The zip code with the highest and lowest median tax bill is 13425, both at $3,140. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Oriskany Falls, New York
Source: Ownwell
$43,518
$139,012
$234,506
Average Oriskany Falls Assessed Value
$105,572
Average Madison County Assessed Value
$136,471
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oriskany Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13425 | $28,931 | $64,122 | $105,572 | $134,695 | $218,046 |
Source: Ownwell
Property Tax Bills Across Oriskany Falls, New York
In Oriskany Falls, located in Madison County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this process, including the property's market value, any applicable exemptions, and the specific tax rate set by local taxing authorities. For homeowners in Oriskany Falls, the median home price is $105,572, and property tax bills can vary significantly. The 25th percentile tax bill is approximately $2,013, while the 75th percentile reaches around $3,989. At the higher end, the 90th percentile tax bill can be as much as $6,596. Compared to the national median property tax rate of 0.99%, these figures suggest that property taxes in Oriskany Falls can be quite substantial, impacting homeowners' annual expenses and influencing decisions related to homeownership and financial planning.
Average Oriskany Falls Tax Bill
$3,140
Average Madison County Tax Bill
$4,460
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Oriskany Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13425 | $1,008 | $2,013 | $3,140 | $3,989 | $6,596 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Madison Assessment Review Commission | |
| Website | property.madisoncounty.ny.gov |