Cohocton, New York Property Taxes
The median property tax rate in Cohocton, 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 Cohocton at $94,444, the typical annual property tax bill reaches $3,067, exceeding the national median of $2,690. Property taxes in Cohocton 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 Cohocton'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 Cohocton 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
Cohocton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.96%
Estimate Property Tax Bill
$2,796
$2,764
Ownwell’s Cohocton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cohocton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cohocton 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 Cohocton, New York
Property taxes in Cohocton, 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 Cohocton 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 Cohocton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cohocton 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 Cohocton's effective property tax rate to other areas in Steuben County and the national median. For comparison, the 14826 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 Cohocton provides valuable insights into the varying tax landscape across Steuben County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cohocton Tax Rate
2.96%
Average Steuben County Tax Rate
2.84%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cohocton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14826 | 2.52% | 2.85% | 2.96% | 3.69% | 3.81% |
Source: Ownwell
Property Tax Assessment Values Across Cohocton, New York
In Cohocton, 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 Steuben 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 Cohocton, 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. The median home price in Cohocton is $94,444, with median tax bills ranging from $1,944 at the 25th percentile to $6,060 at the 90th percentile. The highest and lowest median tax bills are both found in the 14826 zip code, amounting to $3,067. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cohocton Assessed Value
$94,444
Average Steuben County Assessed Value
$102,326
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cohocton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14826 | $33,750 | $61,806 | $94,444 | $137,252 | $216,186 |
Source: Ownwell
Property Tax Bills Across Cohocton, New York
In Cohocton, Steuben County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to arrive at the annual tax bill. Factors such as the property's market value, any improvements made, and comparable property values in the area are considered during the assessment process. Homeowners in Cohocton face varying tax bills, with the 25th percentile paying around $1,944 annually, while those in the 75th percentile pay approximately $4,180. The highest tax bills can reach up to $6,060. This range indicates the significant impact property taxes can have on household budgets. Compared to the national median property tax rate of 0.99%, Cohocton's rates reflect the broader tax environment of Steuben County. Understanding how these taxes are calculated can help homeowners anticipate their financial responsibilities and plan accordingly, ensuring they are prepared for their annual property tax obligations.
Average Cohocton Tax Bill
$3,067
Average Steuben County Tax Bill
$2,992
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cohocton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14826 | $968 | $1,944 | $3,067 | $4,180 | $6,060 |
Source: Ownwell