Spencer, New York Property Taxes
The median property tax rate in Spencer, NY is 2.78%, 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 Spencer, the typical annual property tax bill reaches $4,791, exceeding the national median of $2,690. Property taxes in Spencer 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 Spencer'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 Spencer 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
Spencer, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$4,865
$4,810
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, New York
Property taxes in Spencer, 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 Spencer is 2.78%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14883 has both the highest and lowest median property tax rate of 2.78%. Understanding how these cities compare with Spencer 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 Spencer Tax Rate
2.78%
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 Spencer, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14883 | 2.41% | 2.59% | 2.78% | 2.90% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, New York
In Spencer, 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 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 Spencer, 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 Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Spencer is $175,000, with tax bills ranging from $3,335 at the 25th percentile to $8,959 at the 90th percentile. The zip code 14883 has both the highest and lowest median tax bill at $4,791.
Average Spencer Assessed Value
$175,000
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 Spencer, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14883 | $82,500 | $135,000 | $175,000 | $244,250 | $337,500 |
Source: Ownwell
Property Tax Bills Across Spencer, New York
Property tax bills in Spencer, Tompkins County, NY, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Spencer is $175,000. Tax bills can vary significantly; at the 25th percentile, homeowners pay around $3,335, while those at the 75th percentile pay approximately $6,659. At the 90th percentile, tax bills can reach up to $8,959. The highest and lowest median tax bills in the area are both recorded at $4,791 in the 14883 zip code. Compared to the national median property tax rate of 0.99%, Spencer's tax rates can result in higher annual costs for homeowners. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life and property values in the community.
Average Spencer Tax Bill
$4,791
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 Spencer, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14883 | $1,921 | $3,335 | $4,791 | $6,659 | $8,959 |
Source: Ownwell