Lodi, New York Property Taxes
The median property tax rate in Lodi, NY is 2.09%, 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 Lodi, the typical annual property tax bill reaches $3,533, exceeding the national median of $2,690. Property taxes in Lodi 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 Lodi'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 Lodi 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
Lodi, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$3,838
$3,794
Ownwell’s Lodi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lodi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lodi 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 Lodi, New York
Property taxes in Lodi, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lodi is 2.09%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lodi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lodi 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. For comparison, the zip code 14860 has both the highest and lowest median property tax rate of 2.09%. Understanding how these areas compare with Lodi 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 Lodi Tax Rate
2.09%
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 Lodi, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14860 | 1.81% | 2.05% | 2.09% | 2.15% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Lodi, New York
In Lodi, 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 Lodi, 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 Lodi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 14860 has the highest and lowest median tax bill at $3,533.
Average Lodi Assessed Value
$183,621
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 Lodi, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14860 | $56,241 | $100,172 | $183,621 | $311,207 | $429,000 |
Source: Ownwell
Property Tax Bills Across Lodi, New York
Property tax bills in Lodi, Seneca County, NY, are calculated based on the assessed value of a property and the local tax rate. Homeowners in Lodi face varying tax bills depending on their property's assessed value, which is determined by the local assessor's office. For instance, the median home price in Lodi is $183,621. The tax bill can range significantly, with the 25th percentile at $2,079 and the 75th percentile at $6,157. For those at the higher end, the 90th percentile tax bill reaches $8,584. The assessed value is a critical factor, reflecting the market value of the property. Other considerations include local tax levies for public services such as schools, infrastructure, and emergency services. These taxes impact homeowners by contributing to the overall cost of property ownership. Compared to the national median property tax rate of 0.99%, Lodi's property tax rates can be seen as relatively high, affecting affordability and long-term financial planning for residents.
Average Lodi Tax Bill
$3,533
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 Lodi, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14860 | $1,204 | $2,079 | $3,533 | $6,157 | $8,584 |
Source: Ownwell