Cortland, New York Property Taxes
The median property tax rate in Cortland, NY is 2.88%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $152,000 in Cortland, the typical annual property tax bill reaches $3,997, far exceeding the national median of $2,690. Property taxes in Cortland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cortland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cortland 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
Cortland, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$4,378
$4,328
Ownwell’s Cortland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cortland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cortland 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 Cortland, New York
Property taxes in Cortland, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cortland is 2.88%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cortland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cortland 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 Cortland's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13045 has the highest median property tax rate of 2.88%, while the same zip code also has the lowest median tax rate of 2.88%. Understanding how these cities compare with Cortland provides valuable insights into the varying tax landscape across Tompkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cortland Tax Rate
2.88%
Average Tompkins County Tax Rate
2.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cortland, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13045 | 1.94% | 2.57% | 2.88% | 3.29% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Cortland, New York
In Cortland, 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 Tompkins County Assessment Department 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 Cortland, 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 Cortland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 13045, with a median tax bill of $3,997. Conversely, the zip code with the lowest median tax bill is also 13045, with the same median tax bill of $3,997.
Average Cortland Assessed Value
$152,000
Average Tompkins County Assessed Value
$225,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cortland, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13045 | $67,000 | $104,500 | $152,000 | $185,000 | $230,200 |
Source: Ownwell
Property Tax Bills Across Cortland, New York
In Cortland, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $152,000, homeowners can expect varying tax bills depending on the specific assessment and applicable exemptions. Factors such as the property's location, improvements, and market conditions all play a role in determining the assessed value. In Cortland, property tax bills can range significantly, with the 25th percentile at $2,692 and the 75th percentile at $5,694. The 90th percentile tax bill can go as high as $6,572. These property taxes directly impact homeowners, influencing their overall cost of living and financial planning. In Tompkins County, the highest and lowest median tax bills are both $3,997, reflecting the uniformity within certain areas. This can be contrasted with the national median property tax rate of 0.99%, highlighting regional differences in property tax burdens.
Average Cortland Tax Bill
$3,997
Average Tompkins County Tax Bill
$6,186
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cortland, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13045 | $1,295 | $2,692 | $3,997 | $5,694 | $6,572 |
Source: Ownwell