Groton, New York Property Taxes
The median property tax rate in Groton, NY is 2.90%, 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 Groton at $139,000, the typical annual property tax bill reaches $3,973, significantly exceeding the national median of $2,690. Property taxes in Groton 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 Groton'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 Groton or another part of Tompkins County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Groton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$4,031
$3,986
Ownwell’s Groton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Groton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Groton 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 Groton, New York
Property taxes in Groton, 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 Groton stands at 2.90%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Groton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Groton 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 Groton's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13073 has the highest median property tax rate of 2.90%, while the same zip code also has the lowest median tax rate of 2.90%. Understanding how these cities compare with Groton 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 Groton Tax Rate
2.90%
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 Groton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13073 | 1.63% | 2.40% | 2.90% | 3.14% | 3.77% |
Source: Ownwell
Property Tax Assessment Values Across Groton, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Groton, 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 Tompkins 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 Groton, 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 Groton is $139,000, with tax bills ranging from $2,504 at the 25th percentile to $7,311 at the 90th percentile. Notably, the highest and lowest median tax bills both stand at $3,973 in the 13073 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Groton Assessed Value
$139,000
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 Groton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13073 | $69,300 | $100,000 | $139,000 | $189,000 | $273,000 |
Source: Ownwell
Property Tax Bills Across Groton, New York
In Groton, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Groton can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,504 and the 90th percentile reaching $7,311. The median home price in Groton is $139,000, and the property tax rate in Tompkins County is higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property improvements, neighborhood changes, and local government budgets. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in Groton should be aware of how these factors affect their tax obligations and consider appealing their assessed value if they believe it is inaccurately high. Understanding the property tax calculation process can help homeowners manage their expenses more effectively.
Average Groton Tax Bill
$3,973
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 Groton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13073 | $1,414 | $2,504 | $3,973 | $5,296 | $7,311 |
Source: Ownwell