Norfolk, New York Property Taxes
The median property tax rate in Norfolk, NY is 3.48%, 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 Norfolk at $69,133, the typical annual property tax bill reaches $2,290, which is below the national median of $2,690. Property taxes in Norfolk 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 Norfolk'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 Norfolk 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
Norfolk, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.48%
Estimate Property Tax Bill
$2,406
$2,379
Ownwell’s Norfolk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norfolk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norfolk 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 Norfolk, New York
Property taxes in Norfolk, 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 Norfolk is 3.48%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Norfolk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norfolk 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 Norfolk's effective property tax rate to other counties in New York and the national median. For comparison, the 13667 zip code has the highest median property tax rate of 3.48%, while the lowest median tax rate is also 3.48% in the same zip code. Understanding how these cities compare with Norfolk provides valuable insights into the varying tax landscape across St. Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norfolk Tax Rate
3.48%
Average St. Lawrence County Tax Rate
3.02%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norfolk, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13667 | 2.82% | 3.26% | 3.48% | 3.54% | 3.54% |
Source: Ownwell
Property Tax Assessment Values Across Norfolk, New York
In Norfolk, 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 St. Lawrence 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 Norfolk, 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. Norfolk's median home price stands at $69,133, with the 25th percentile tax bill at $1,354 and the 75th percentile at $3,308. Remarkably, the highest and lowest median tax bills in the area are both $2,290, found in the zip code 13667. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Norfolk Assessed Value
$69,133
Average St. Lawrence County Assessed Value
$83,455
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norfolk, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13667 | $23,360 | $40,850 | $69,133 | $100,000 | $133,246 |
Source: Ownwell
Property Tax Bills Across Norfolk, New York
In Norfolk, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The property tax rate in Norfolk is influenced by the county's budgetary needs and is applied to the assessed value to determine the annual tax bill. Homeowners in Norfolk face a median property tax bill that varies significantly, with the 25th percentile at $1,354 and the 75th percentile reaching $3,308. At the 90th percentile, the tax bill can be as high as $4,332. For comparison, the national median property tax rate is 0.99%, highlighting how local rates can differ. Factors such as property improvements, neighborhood developments, and changes in market conditions can also affect the assessed value and, consequently, the tax bill. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the community and its residents.
Average Norfolk Tax Bill
$2,290
Average St. Lawrence County Tax Bill
$2,611
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Norfolk, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13667 | $791 | $1,354 | $2,290 | $3,308 | $4,332 |
Source: Ownwell