Phelps, New York Property Taxes
The median property tax rate in Phelps, NY is 2.62%, 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 Phelps, the typical annual property tax bill reaches $3,245, exceeding the national median of $2,690. Property taxes in Phelps 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 Phelps'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 Phelps 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
Phelps, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.62%
Estimate Property Tax Bill
$3,187
$3,151
Ownwell’s Phelps Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phelps with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phelps 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 Phelps, New York
Property taxes in Phelps, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phelps is 2.62%, significantly higher than the U.S. national median of 0.99%. Local government entities within Phelps set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phelps 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 Phelps's effective property tax rate to other counties in New York and the national median. For comparison, the 14532 zip code has both the highest and lowest median property tax rate of 2.62%. Understanding how these cities compare with Phelps 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 Phelps Tax Rate
2.62%
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 Phelps, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14532 | 2.27% | 2.59% | 2.62% | 2.94% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Phelps, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Phelps, NY. 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 local 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 Phelps, 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 Phelps helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Phelps, the highest median tax bill is $3245, found in zip code 14532, while the lowest median tax bill is also $3245 in the same zip code.
Average Phelps Assessed Value
$121,650
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 Phelps, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14532 | $43,010 | $75,438 | $121,650 | $189,433 | $229,381 |
Source: Ownwell
Property Tax Bills Across Phelps, New York
In Phelps, 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 who evaluate the property's market value. This value is then multiplied by the local tax rate to calculate the annual tax bill. For context, the national median property tax rate is 0.99%, but local rates can vary. Homeowners in Phelps experience a range of tax bills. For instance, the 25th percentile tax bill is approximately $2,161, while the 75th percentile reaches up to $4,946. Those at the 90th percentile can expect to pay around $5,856 annually. The median home price in Phelps is $121,650, which influences these tax amounts. These property taxes fund essential public services like schools, roads, and emergency services. Consequently, higher property taxes can impact homeowners' budgets, making it crucial for them to understand how their tax bills are determined and how they can potentially reduce them through appeals or exemptions.
Average Phelps Tax Bill
$3,245
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 Phelps, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14532 | $1,478 | $2,161 | $3,245 | $4,946 | $5,856 |
Source: Ownwell