Geneva, New York Property Taxes
The median property tax rate in Geneva, NY is 2.08%, 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 Geneva at $165,323, the typical annual property tax bill reaches $3,597, exceeding the national median of $2,690. Property taxes in Geneva 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 Geneva'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 Geneva 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
Geneva, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$3,439
$3,400
Ownwell’s Geneva Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Geneva with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Geneva to provide an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Seneca County, forms the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Geneva, New York
Property taxes in Geneva, 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 Geneva is 2.08%, significantly higher than the U.S. national median of 0.99%. Local government entities within Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneva 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 Geneva's effective property tax rate to other counties in New York and the national median. For comparison, the 14456 zip code has both the highest and lowest median property tax rate of 2.08%. Understanding how these areas compare with Geneva provides valuable insights into the varying tax landscape across Seneca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneva Tax Rate
2.08%
Average Seneca County Tax Rate
2.53%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneva, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14456 | 1.95% | 2.01% | 2.08% | 2.35% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Geneva, New York
In Geneva, 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 Seneca 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 Geneva, 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 Geneva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,597, while the lowest is also $3,597, both found in the zip code 14456.
Average Geneva Assessed Value
$165,323
Average Seneca County Assessed Value
$129,610
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneva, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14456 | $74,532 | $106,112 | $165,323 | $307,977 | $480,894 |
Source: Ownwell
Property Tax Bills Across Geneva, New York
In Geneva, located in Seneca County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors and reflects a percentage of the property's market value. Homeowners in Geneva face a significant property tax burden, with the median tax bill standing at $3,597, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value and any applicable exemptions. For instance, the 25th percentile tax bill is $2,403, while the 75th percentile reaches $6,369, and the 90th percentile can soar to $9,708, indicating a wide range in tax obligations depending on property value and other considerations. High property taxes can impact homeowners by increasing overall housing costs and affecting affordability. Understanding how these taxes are calculated and what factors are considered can help homeowners better manage their financial planning and possibly seek exemptions or appeals to reduce their tax burden.
Average Geneva Tax Bill
$3,597
Average Seneca County Tax Bill
$3,564
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneva, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14456 | $1,602 | $2,403 | $3,597 | $6,369 | $9,708 |
Source: Ownwell