Richford, New York Property Taxes
The median property tax rate in Richford, NY is 3.49%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Richford at $85,217, the typical annual property tax bill reaches $2,691, just above the national median of $2,690. Property taxes in Richford are calculated based on the tax-assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Richford'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 Richford 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
Richford, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.49%
Estimate Property Tax Bill
$2,974
$2,941
Ownwell’s Richford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richford 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 Richford, New York
Property taxes in Richford, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richford is 3.49%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Richford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richford 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 Richford's effective property tax rate to other counties in New York and the national median. For comparison, the 13835 zip code has the highest median property tax rate of 3.49%, while the same zip code also has the lowest median tax rate of 3.49%. Understanding how these cities compare with Richford provides valuable insights into the varying tax landscape across Tioga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richford Tax Rate
3.49%
Average Tioga County Tax Rate
3.13%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richford, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13835 | 2.05% | 2.86% | 3.49% | 3.56% | 3.56% |
Source: Ownwell
Property Tax Assessment Values Across Richford, New York
In Richford, 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 Tioga County Assessment Office 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 Richford, 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 Richford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 13835 has the highest median tax bill of $2,691.
Average Richford Assessed Value
$85,217
Average Tioga County Assessed Value
$119,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richford, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13835 | $35,500 | $56,522 | $85,217 | $131,957 | $207,609 |
Source: Ownwell
Property Tax Bills Across Richford, New York
In Richford, located in Tioga County, NY, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Richford, the property tax burden can vary significantly. The 25th percentile of tax bills is around $1,702, while the 75th percentile reaches $4,323, and the 90th percentile can be as high as $6,967. The median home price in Richford is $85,217, which, when compared to the national median property tax rate of 0.99%, highlights the relatively high property taxes in this area. This tax burden can impact homeowners by increasing their annual expenses, making it crucial for them to stay informed about potential exemptions and appeals that could reduce their tax liability.
Average Richford Tax Bill
$2,691
Average Tioga County Tax Bill
$3,510
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Richford, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13835 | $1,046 | $1,702 | $2,691 | $4,323 | $6,967 |
Source: Ownwell