Newfield, New York Property Taxes
The median property tax rate in Newfield, NY is 2.70%, 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 Newfield, the typical annual property tax bill reaches $4,189, exceeding the national median of $2,690. Property taxes in Newfield 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 Newfield'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 Newfield 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
Newfield, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$4,185
$4,138
Ownwell’s Newfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newfield 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 Newfield, New York
Property taxes in Newfield, 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 Newfield is 2.70%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Newfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newfield 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 Newfield's effective property tax rate to other counties in New York and the national median. For comparison, the 14867 zip code has the highest median property tax rate of 2.70%, while the same zip code also has the lowest median tax rate of 2.70%. Understanding how these cities compare with Newfield 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 Newfield Tax Rate
2.70%
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 Newfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14867 | 2.54% | 2.68% | 2.70% | 2.77% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Newfield, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Newfield, 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 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 Newfield, 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 Newfield is $155,000, with tax bills ranging from $3,070 at the 25th percentile to $7,371 at the 90th percentile. The highest and lowest median tax bills are both $4,189, found in the zip code 14867. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newfield Assessed Value
$155,000
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 Newfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14867 | $55,000 | $115,000 | $155,000 | $210,000 | $280,000 |
Source: Ownwell
Property Tax Bills Across Newfield, New York
In Newfield, located in Tompkins County, NY, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and is meant to reflect the market value of the property. The tax rate, set by local taxing authorities, is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For instance, the median home price in Newfield is $155,000. Homeowners in the 25th percentile can expect a tax bill around $3,070, while those in the 75th percentile might see bills as high as $5,628. The 90th percentile can go up to $7,371. Compared to the national median property tax rate of 0.99%, Newfield's rates can significantly impact homeowners, making it essential to understand these factors when budgeting for property ownership.
Average Newfield Tax Bill
$4,189
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 Newfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14867 | $1,500 | $3,070 | $4,189 | $5,628 | $7,371 |
Source: Ownwell